Meanwhile, the financial markets in America have closed again. We take a look at the live Bitcoin price and the prices of the top 25 crypto. Now that the market is calming down, the question is what will Bitcoin do? Are we seeing a worst case scenario or a reversal? Which quotes should we keep an eye on now?
Of course, we first look at the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price flat, prices top 25 crypto recovering
At the time of writing, the live Bitcoin price is quoting EUR 28,114.32 ($43,135.80). This is 0.13% lower than when the US market closed yesterday.
Sentiment among the top 25 crypto-currencies seems more positive. We are still seeing losses though. The biggest loss in the past 24 hours is for Ethereum (ETH), but at -1.51% compared to yesterday it is not too bad. The biggest gain in the past 24 hours is for Cosmos (ATOM) at 12.92%, but this is not the only increase in double digits when we look at the live crypto prices on the Tradeincrypto.com site.
Is the live Bitcoin price heading for the worst case scenario or are we seeing a bullish reversal develop?
Looking at the analysts, we already saw yesterday and this afternoon that the market is divided. Some analysts foresee a tough year for Bitcoin. Other analysts think that the top of the price is far from being reached and that we will see a record rally in the coming months. In the short term, this evening proves no different.
Mike Novogratz foresees a worst case scenario, but it’s not too bad
If we start with the analysts who think Bitcoin will continue to fall, Mike Novogratz is the most outspoken in this. He foresees a volatile period, with Bitcoin looking for its worst case scenario. This sounds more dramatic than it is. In fact, Novogratz includes the buying orders of institutional investors in his analyses and then the worst case scenario turns out to be between $38,000 and $40,000. He explains this in the following interview at CNBC.
According to these fractals, the Bitcoin price will soon be back above $ 60,000.
If we look at the technical analyses we see a different picture. The so-called fractals show a lot of resemblance to the so-called China pump we saw in October 2019. If we look at the technical comparison we see that a 44% price increase followed then in 72 hours. This price rise would now take Bitcoin back above $61,000. Then suddenly the investor’s world looks different again.
Now fractals are considered less certain as statistical or dynamic price patterns, but the similarities to the China pump and the other technical signals we saw back then (such as a death cross) are too coincidental to leave unsaid. You can see the whole comparison with charts here.
What range of the Bitcoin price are investors watching for?
So at the moment we still have to deal with trading in an uncertain market (and there are several tips for that). The market seems to be moving in a range between $40,000/$42,000 on the downside and $45,000 on the upside. To take a truly bearish or bullish position, investors will first want to see a clear breakout above or below this range. We will of course continue to monitor developments closely.
Want to stay up to date on the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly price forecast might be a reading tip.
Note: We never give financial advice, so our contributions should not be interpreted as such. Always do your own research and decide rationally if, when, what and how much you want to invest in.