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Bitcoin (BTC) Price Analysis — A Pause Before a Rise or Drop to $8,500?

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  • Denys Serhiichuk
    📈 Price Predictions

    Has yesterday’s drop finished yet or should we be expecting a continuing decline?

Bitcoin (BTC) Price Analysis — A Pause Before Rise or Drop to $8,500?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

On November 8, 2019, Bitcoin (BTC) dropped to a two-week low below its $8,800 mark. By the end of the day, the price fell below an important psychological level of $9,000, and is currently losing about 2%. What is more interesting, the altcoins have not followed BTC's sharp decline. Instead the majority of them are in the green.

Top 10 coins by Coinstats

With yesterday’s price drop, the BTC's domination index now constitutes 66.11%. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $159,817,241,124

  • Price: $8,860.47

  • Volume (24H): $21,871,631,713

  • Change (24H): -1.72%

BTC/USD: Will the Bearish Wave Continue?

With yesterday's price drop, the rate of BTC has stopped around the $8,600 mark.

BTC/USD chart by TradingView

Looking at the short-term price scenario, BTC is on the verge of being oversold. This suggests that in the near future, there will be a rise in price. Moreover, the volume of selling is decreasing, which means that the bulls might seize on the initiative, pushing the price upwards to the $9,000 mark.

BTC/USD chart by TradingView

Looking at the daily chart, a bearish trend is gaining momentum, especially with BTC's price breaking past the 200-Day Moving Average (200 MA).

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If the exchange rate does not return to a zone above $9,000 in the near future, pressure from sellers will increase, and the price may drop below the 50 Simple Moving Average (50 SMA) to the $8,400 mark. For most of October, this level served as a strong level of resistance for BTC.

In conclusion, the bearish scenario prevails. Yet, BTC has not faced a drop in price, even after the formation of the Death Cross.

At press time, BTC is trading at $8,832.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
Cover image via www.youtube.com
Contents

Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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