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Eerily Accurate Analyst Thinks Bitcoin Could Hit $20,000 in the Next 3 Months

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  • Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash.
  • After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing.
  • As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs.
  • The retracement for Bitcoin has been bearish, especially considering it was rejected at $12,000 again.
  • Some remain optimistic that Bitcoin bulls are in control, though.
  • One historically accurate analyst that predicted BTC’s macro price action is still optimistic.
  • He shared in a recent TradingView analysis that the flagship digital asset could hit $25,000 in the next three months.

Bitcoin Could Hit $25,000, Says Eerily Accurate Crypto Analyst

Bitcoin’s price action may seem unpredictable, but there are some commentators that have mastered the art of doing the impossible. One such individual is a pseudonymous trader known as “PentarhUdi,” who shares his thoughts via TradingView.

He predicted Bitcoin would bottom around the $3,000s in December, then bounce to ~$15,000 by the middle of 2019, drop to the $6,000s by late 2019, then begin a parabolic uptrend.

While the pandemic-induced drop in March threw a wrench into his plans, everything else came to be.

PentarhUdi now predicts that Bitcoin could hit $20,000 or even higher in the next three months. Referencing the chart below, the analyst wrote:

“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”

Chart from TradingView.com

Far from the Only Optimist

Although $20,000 in two/three months is on the high-end of the prediction spectrum, there are many other optimists sharing similar sentiment to PentarhUdi.

Mike Novogratz, a former Goldman Sachs partner and current CEO of Galaxy Digital, sees Bitcoin hitting a new high this year. Telling CNBC in an interview last week how Federal Reserve and central bank money printing will boost scarce assets, he said:

“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”

The calls for a new high by the end of 2020 have been echoed by other market participants. These include BitMEX chief executive Arthur Hayes, Pantera Capital’s two co-CIOs, and many pseudonymous traders on Twitter.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Eerily Accurate Analyst Thinks Bitcoin Could Hit $25,000 in the Next 3 Months

Source: https://bitcoinist.com/eerily-accurate-analyst-bitcoin-hit-25000-next-3-months/?utm_source=rss&utm_medium=rss&utm_campaign=eerily-accurate-analyst-bitcoin-hit-25000-next-3-months

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Ripple Aims To Expand Its Financial Institutions Network

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Ripple, a huge crypto exchange, is now aiming to expand its Financial Institutions network by adding them as partners and customers. The firm is currently seeking to integrate two engineers as it has vacancy for them. One vacancy is for a Senior Integration Engineer in Dubai and another one is for Staff Integration Engineer in London. 

It is revealed that with the appointment of these two engineers, the financial institutions network of the company will be enlarged. Along with this, the partners of the firm will be having access to RippleNet using their own payment system. 

Ripple Staff Integration Engineer Will Create New Integration Solutions

According to the announcement, the Staff Integration Engineer of Ripple will be creating and trailing the new integration solutions. Not only this, he will also have to take part in troubleshooting sessions with companies across the world. 

Both the new recruitments will be working to design, build, test and deploy the integration solutions for the firm. They will also have to solve the challenges that clients and partners of Ripple might be facing while integration and deployment process. Both of the integration engineers will have to provide the training to the new customers of the firm.

XRP Might Grow Into a Better Payment Solution

Marcus Treacher, the senior Vice President of Customer Success at Ripple, has said that at the present moment, the transnational payments market is not working really well. He further mentioned that the way RippleNet has been working, it will be transforming the industry. According to him, XRP is having a huge potential to grow into a better payment solution than any other out there. The firm is regularly working to expand and better its services across the world by trying out different measures. This appointment of two engineers is going to play a major role in the development.

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#Better Payment Solution #Create New Integration Solutions #Financial Institutions Network #ripple #ripplenet #Senior Integration Engineer #Staff Integration Engineer

Source: https://www.cryptoknowmics.com/news/ripple-aims-to-expand-its-financial-institutions-network

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These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

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  • Bitcoin is technically in no man’s land a number of analysts have said after the crypto’s recent drop.
  • The cryptocurrency, in fact, is below the $11,000 resistance, where BTC was rejected last week.
  • Bitcoin is also above the support of the low-$10,000s, where a number of bounces have taken place over recent weeks.
  • Four key market data points suggest that BTC will soon resume its ascent, though.
  • There are also on-chain trends observed by a number of analysts that suggest Bitcoin’s prevailing trend is a bullish one.

The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

  • Bitcoin’s Fear and Greed Index has dropped to a level of “Fear” after reaching extremely high levels of greed in August. The index is calculated through a variety of data sets, including market sentiment, volume, social media trends, and more. Analysts think that this works as a sort-of counter-indicator, reaching levels of Extreme Greed when a top is near and vice-versa.
  • Bitcoin is currently trading in backwardation, meaning that the price of futures for this market is below the actual spot price. According to the chart below, periods of backwardation are often seen prior to the cryptocurrency rallying higher.
  • The funding rates of BTC futures markets are currently in the red or at neutral levels. This is similar to the last point in that whenever they are in the red or neutral, rallies are to be expected.
  • There is a cluster of Bitcoin short liquidation levels above BTC’s current price, which the market will likely gravitate towards in the near to medium term.

Image

Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop

Source: https://bitcoinist.com/these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop/?utm_source=rss&utm_medium=rss&utm_campaign=these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop

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RockX Launches $20M Investment Program to Support Polkadot

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RockX, a digital asset development company, has launched a $20 million investment program. This investment program is specifically launched to support the Polkadot (DOT) ecosystem for over the next few years. It is revealed that this funding has been capped at $500,000 worth of DOT tokens per project. Along with this, the developer team of the firm will also be providing the technical support. It was also mentioned that RockX will be receiving tokens from supported projects.

RockX Launched This Program With Financial Aid From Individual Investors

Alex Lam, CEO of RockX, has said that this program has been launched with the help of financial aid from many individual investors. All the investors who have contributed in this project have not revealed their identity as they chose to be anonymous. According to him, all these anonymous investors are some prominent DOT holders. All these investors are also long-term supporters of Ethereum as they have been in the ETH community since 2015. It has also been mentioned that despite their financial support, these investors are not at all involved in any kind of project and their functioning.

Polkadot Recently Established its Treasury

This is to be noticed that this announcement of an investment program by RockX is coming a few days after Polkadot had established the Polkadot Treasury. Despite being completely different from each other, both treasury and investment program share the same goal of building and promoting the projects. It is mentioned by the CEO Lam that the strong technical background of his firm will be contributing to Polkadot. One of the managing partners of the firm, John Ng Pangilinan has said that “RockX is taking a step further to help blockchains grow by leveraging its technical capabilities and investor networks. This will set up a new collaborative model for the industry.”

READ  German Authorities Along With FBI Secures Around $30 Million From Movie2.K

#$20M Investment Program #Alex Lam #Financial Aid From Individual Investors #John Ng Pangilinan #Polkadot #RockX

Source: https://www.cryptoknowmics.com/news/rockx-launches-20m-investment-program-to-support-polkadot

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