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[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

51% Attack on Ethereum Classic Confirmed

  • Thomas Hughes
    📈 Price Predictions

    Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC

51% Attack on Ethereum Classic Confirmed
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Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC, the equivalent of roughly $184,000 at the time.

Gate.io publicly stated they will cover the loss entirely, so their clients won’t be affected. They have also raised the confirmation number to 500, implemented a new 51% attack detection and urged ETC devs to build a new consensus mechanism to better protect the network against this type of attack.

As it was expected, Ethereum Classic’s price is going south, but then again, most coins are headed that way so maybe the 51% attack is not the main culprit.

Chart Analysis – ETC/USD

On Jan. 6, Ethereum Classic made a final attempt to break the resistance at $5.63, but failed and started to drop sharply, now trading at 4.55 against the US Dollar, having shed 12.50% in the last 7 days.

 ETC/USD

The major support at 4.63 was recently broken and it is currently being re-tested from below, which is a pattern seen often after a break. If the price will be rejected lower from here, the level will turn into resistance and the break will be confirmed, which means we will probably see an extended period of downside price action.

The RSI is oversold and the last few candles show long wicks in their lower part, suggesting there’s a small trace of bullish pressure, but probably not enough to offset the selling pressure.

Support zone: 4.00 as psychological level, followed by 3.57

Resistance zone: 4.63 (potential resistance) and the moving averages

Most likely scenario: drop into 4.00 area

Alternate scenario: timid rally based on the oversold position of the RSI

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[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

  • Denys Serhiichuk
    📈 Price Predictions

    💸🤑More than 1 year ago, Bitcoin cost $10,000. Despite the fact that the most popular cryptocurrency and the whole market was in a bearish trend last year, there are still positive forecasts from experts for 2019. We prepared a Bitcoin price analysis to show that both technical and fundamental factors can get BTC back to the important level of $10,000

[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
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Contents

Bitcoin is still the most popular cryptocurrency in the world. This year marks 10 years since its creation. Last year was not the best for cryptocurrency holders. After a long lull, many hope the value of Bitcoin will increase. There is reason to believe that in 2019 the cost of this cryptocurrency will reach $10,000.

Causes of the possible comeback

In favor of the appreciation of Bitcoin, many analysts of Forbes magazine offer negative forecasts of other cryptocurrencies. According to them, they will gradually lose their popularity. Fewer people trust altcoins. Forbes analyst Naeem Aslam argues that the cost of Bitcoin will not fall below $2,000 and may well overcome the mark of $10,000.

BTC Price Analysis

Analyst and expert in the field of cryptocurrency forecasts Kevin Cook notes that this month the volume of BTC transactions is on the rise and over the past five months has grown by 150%.

Thus, today it is impossible to say that Bitcoin is losing popularity.

On the contrary, its dominance in the cryptocurrency market is almost 51%, which allows the cryptocurrency to remain the focus of attention of potential investors.

Recently, a well-known BTC supporter, Tom Lee, suggested that the fair price for a popular digital asset should be between $5,000 and $20,000.

Tim Draper, a widely known crypto-optimist, also confirmed his forecast for cryptocurrency and expects its value to be $250,000 by 2022.

Bitcoin in 2019: what to expect?

The rapid growth of the Bitcoin rate can contribute to its implementation into the economy as a means of payment, and not as a stock exchange instrument. Optimism is added by plans of some large businessmen to accept Bitcoin. Although it was conceived as an independent currency, its entry into the world financial system would breathe new life into it. Now the US Securities and Exchange Commission is considering the possibility of creating Bitcoin ETFs. The decision is likely to be positive. This will attract several hundred billion dollars of investments and will have a positive effect on the cryptocurrency rate.

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