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Dramatic $17,000 Bitcoin Peak Possible Within Weeks Based on Halving Fracal

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If a fractal plays out on Bitcoin price charts matching the previous halving post-consolidation breakout, the cryptocurrency could keep on climbing from here.

The target, if the rally takes a similar path, would put valuations of the top cryptocurrency at between $15,000 to $17,000 before peaking.

Bitcoin Breaks Out: What Happens Next Will Be Fast and Furious

Bitcoin price exploded early last week on the heels of gold setting a new record and the government committing to another $1 trillion in stimulus spending.

Inflating money supply has prompted a flight to hard assets like precious metals and cryptocurrency. Digital gold and its physical counterpart have both benefited from the recent weakness in the dollar.

Bitcoin earns its comparison to the precious metal due to several key similarities. For instance, gold has a finite supply and the cryptocurrency is digitally coded so only 21 million BTC will ever exist.

Related Reading | Bitcoin Just Broke Past $11,500—and That’s Huge For Bulls

This supply is slowly tricked out over the course of years. Every four years give or take, the amount of BTC that is released freely into the market is then slashed in half in an event called the halving.

Several supply based theories exist that attempt to give a future valuation to the asset based on scarcity. Those who follow this belief expect a repeat of past cycles and the asset to grow in value how that the most recent event has passed.

But will things really play out the same way? One pseudonymous trader has discovered a potential fractal playing out that points to a peak much higher above current levels. And it may happen a lot faster than anyone is prepared for.

bitcoin chart btcusd

BTCUSD 2016 Post-Halving Fractal | Source: TradingView

Post-Halving Fractal Targets Between $15,000 and $17,000 BTC in Less Than a Month

Analysts often look at past Bitcoin cycles to gain perspective into future price action. One trader has done just that and come up with a compelling fractal from the last block reward halving. This took place in 2016 and sent Bitcoin off on its biggest bull run ever.

The same could be happening again right now, according to technical analysis and fundamental data.

bitcoin chart btcusd

BTCUSD 2020 Post-Halving Fractal | Source: TradingView

According to the fractal, this pump may only just be getting underway, with a proposed target of between $15,000 and $17,000 target. What’s really shocking, is the timing of the target.

Related Reading | Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?

The fractal suggests a rapid and impulsive burst to this level within the next few weeks, and before August has come to a close.

bitcoin chart btcusd

Bitcoin Supply Percent Active 2+ Years | Source: glassnode

Further fundamental data suggests that the cryptocurrency is at a similar point in its market cycle. If this is the case, and the asset’s valuations rising are driven by the halving effect and digital scarcity, things may take a similar path.

Fractals are a touchy subject amongst traders, so take the targets with a grain of salt.

Source: https://www.newsbtc.com/2020/08/01/bitcoin-peak-possible-fractal/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-peak-possible-fractal

Blockchain

Australian Hacker Sentenced to 2 Years in Prison for $300K XRP Theft

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A judge has sentenced Australian citizen Kathryn Nguyen to a maximum time of 2 years and 3 months in prison for her role in stealing more than 100,000 XRP tokens in January 2018.

According to an Aug. 11 report in Australian publication Information Age, Nguyen was sentenced over the theft of more than $300,000 in XRP two years ago. She was initially charged in Oct. 2018 and pled guilty to fraud charges the following August.

Chris Craigie, the judge presiding over Nguyen’s case, said it was a “difficult and troubling decision” to send her to prison. The Australian national will reportedly be eligible for parole in October 2021.

First Australian crypto fraud case

Nguyen was one of the first people to be charged with the theft of crypto assets in Australia.

In January 2018, she reportedly hacked into the email of a 56-year-old man with the same last name as her and stole all his XRP holdings before releasing control of the account two days later. This was at a time when the crypto asset was near its all-time high of $3.84.

Nguyen reportedly transferred the XRP holdings to a Chinese crypto exchange where she swapped the tokens for Bitcoin (BTC), sending them to multiple wallets in what may have been an attempt to launder the funds. According to local news outlet 7News Sydney, authorities in China were only able to recover roughly $9,000.

XRP falls out of favor

The value of XRP has since dropped to $0.30 as of this writing, making the amount of crypto stolen now worth approximately $30,000.

Source: https://cointelegraph.com/news/australian-hacker-sentenced-to-2-years-in-prison-for-300k-xrp-theft

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What Would the Re-Election of Alexander Lukashenko Mean for Crypto?

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Protests have erupted in Belarus following the country’s presidential election on Sunday, but the possible continued presidency of Alexander Lukashenko may be good news for crypto.

Lukashenko reportedly won re-election against opposition candidate Svetlana Tikhanovskaya in a landslide victory with more than 80% of the vote on Aug. 9. However, officials from many nations and within Belarus are condemning the election results as flawed, with reports of falsified ballots. 

‘Europe’s last dictator’

The president of the eastern European nation has served since 1994, during which time he has made a number of statements in favor of blockchain technology since legalizing cryptocurrency and initial coin offerings in Dec. 2017. 

In an April 2019 video of Lukashenko addressing a crowd, the president proposed using excess energy from the country’s first nuclear power plant — scheduled to be completed at the end of 2020 — to mine cryptocurrencies like Bitcoin (BTC) and sell them. 

His words were met with laughter from the audience, but Bitcoin bull Anthony Pompliano responded to them by saying “every country will be mining and every country will be holding Bitcoin.”

Crypto legislation

Belarus has not been at the forefront of cryptocurrency and blockchain discussions around the world, but the nation has implemented a few legislative changes. 

In March, a state authority in Belarus asked lawmakers for the authority to seize cryptocurrency from criminals. The country’s central bank is also reportedly setting up a program to allow commercial and state-owned banks to launch tokens and conduct business as crypto exchanges.

Source: https://cointelegraph.com/news/what-would-the-re-election-of-alexander-lukashenko-mean-for-crypto

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Tron (TRX) Forms Textbook Bear Signal Despite Rally in the Altcoin Market

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  • Tron (TRX) has been a sleeper cryptocurrency over the past few weeks.
  • While it has rallied like many other digital assets like Bitcoin and Ethereum, TRX has not been focused on by many analysts.
  • According to the Tom Demark Sequential, the popular altcoin is on the verge of reversing to the downside after a multi-day rally.
  • Analysts beg to differ, arguing that Tron is actually on the verge of a massive upswing triggered by months of consolidation.
  • Tron may be further suppressed by Bitcoin, which may lead the crypto asset market as it attempts to set a new local high.

Tron Could See Bearish Reversal: TD Sequential

According to a Telegram channel tracking signals formed by the Tom Demark Sequential, Tron is primed to move lower in the days ahead.

The Telegram channel shared the chart below on August 10th. It shows that TRX’s U.S. dollar pair on Bitfinex formed a “Sell C-13” as per the Tom Demark Sequential, suggesting that a bearish reversal is imminent.

The Tom Demark Sequential is a time-focused indicator that prints “9” and “13” candles at inflection points in the trend of an asset.

It’s important to note that previous Tom Demark Sequential signals for Tron did not play out. The last “9” candle, for instance, was followed by a 15% rally, while the last “13” candle preceded a bearish reversal when it was meant to precede a rally.

Chart of TRX's price action over the past few months with the Tom Demark Sequential from a channel tracking the indicator.
Chart from TradingView.com

Analysts, though, are expecting for Tron to break higher rather than retrace. At least three traders noted that TRX is primed to rally higher as it crosses above pivotal resistance levels in the $0.021 range. One of these individuals commented:

“$TRX Looks almost ready, I reckon it could start moving next week, if that doesn’t happen, and we get more accumulation, we have another pivot coming Sept. 28th.”

Bitcoin May Outperform All Altcoins For the Time Being

Strength in the price of Bitcoin may likely suppress any opportunity Tron gets to rally.

Author of “An Altcoin Trader’s Handbook,” Nik Patel, said that altcoins could strongly underperform Bitcoin until BTC sets a new all-time high. Patel is an altcoin trading savant, garnering a large following due to his calls on this segment of the cryptocurrency market.

“Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”

This was echoed by Mohit Sorout of Bitazu Capital. That analyst told Bitcoinist that BTC will underperform

Featured Image from Shutterstock
Price tags: TRXBTC, TRXUSD
Charts from Tradingview.com
Tron (TRX) Forms Textbook Bear Signal Despite Rally in the Altcoin Market

Source: https://bitcoinist.com/tron-trx-textbook-bear-signal-despite-rally-altcoin-market/?utm_source=rss&utm_medium=rss&utm_campaign=tron-trx-textbook-bear-signal-despite-rally-altcoin-market

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