The US markets are closed again, so we look at the live Bitcoin price and the prices of the top 25 crypto. We take a look at the BTC price rise and look ahead. Is this the time to buy Bitcoin?
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price rises, while prices of top 25 crypto coins change
At the time of writing, the live Bitcoin price is quoting EUR 34,004.28 ($38,385.26). This is 2.57% higher than when the markets closed last night.
The prices of the top 25 crypto coins are changing. There are losers such as the Shiba Inu (SHIB), which posted the largest loss of the day at 4.66%. The biggest gain of the day is for Terra (LUNA), which is up 9.10%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Live Bitcoin price rises due to crisis in Russia
After an exciting day, the live Bitcoin price is rising due to the crisis in Ukraine. As our colleagues at Tradeincrypto.com analyzed this morning, this rise is mainly driven by speculation that wealthy Russians are buying crypto coins to evade sanctions from Europe and America.
This is of course grist to the mill of the American media. CNN, for example, published an article describing why it is easier than ever for the Russians to evade financial sanctions. The New York Post estimates Russian investors are now investing $23 billion in crypto.
Whether this increase can be appreciated is therefore questionable. On the one hand, because the Russians will monetize these assets when they no longer have easy access to other liquid assets. On the other hand, this is of course grist to the mill of parties who see the crypto sector as a destabilizing factor.
Here’s the BTC forecast in the short term
With the recovery in price, we see that Bitcoin is trading at the bottom of the Ichimoku cloud. Adding to this, the Bitcoin recovered from $34,800. This price is now seen as the bottom of the current correction rally. A third bullish development for BTC is that the 100-week moving average acts as a support level for the BTC price. Therefore, one expects at least consolidation between $34,000.00 and $36,000.00. This corresponds to the bottom of the Ichimoku Cloud.
Traders therefore conclude that the panic is over. This is all the more so because after the rebound earlier today, the price of gold is dropping again. Optimistic analysts even see opportunities for Bitcoin to climb further to $40,000. According to them, Altcoins could also rise 20 to 45%.
Is this the time to buy Bitcoin?
In a wide-ranging conversation about portfolio management during this crisis, Bloomberg specialist Mike McGlone spoke on The Wolf of All Streets podcast about the developments. In doing so, he even calls Bitcoin a good buying option for investors with a long investment horizon who want to make their cash work. You can watch the entire podcast here.
Many other analysts, like me, believe that this is quite a positive view.
Twitter won’t load because you didn’t give permission.
Low chance #Bitcoin holds $33k on a second visit.
Sometimes things need to get worse before they can get better.
Upon support failure, $25k $BTC comes next.
Hope for the best, prepare for the worst, and stay off the leverage.
– AngeloƉOGE (@AngeloBTC) February 24, 2022
As far as I can tell, the market is still far too uncertain to make any longer-term statements. Bitcoin’s popularity as an escape from Western sanctions could mean a hefty hit to the reputation of the currency and even the crypto industry as a whole. In doing so, there are several possible scenarios that make the impact felt on the financial markets. Of course, this is no reason to let any returns go to waste. The advice, therefore, is to do proper research on investing in uncertain markets. These 5 tips may be able to help you with that. In any case, we follow the market closely and will bring you back up to date tomorrow with our crypto lunch.