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Bitcoin (BTC) Price Analysis — Analyzing Chances for $8,500 Break This Week

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  • Denys Serhiichuk
    📈 Price Predictions

    What are the technical factors that indicate BTC will return to $9,000 next week?

Bitcoin (BTC) Price Analysis — Analyzing Chances to Break $8,500 Next Week
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.

Since yesterday, there has been no significant movement on the market. However, if Litecoin (LTC) is added to the equation, then this changes things. LTC has moved out of red territory by 2.25% to a price $59.47. As for Bitcoin (BTC), its influence continues to decline, making up 65.61% of the index.

Top 10 coins by Coinstats

Since yesterday, BTC has been able to maintain its above $8,500. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $155,142,106,399

  • Price: $8,593.97

  • Volume (24H): $17,583,224,437

  • Change (24H): 0.59%

BTC/USD: Are the Bulls Ready for a Return to $9,000?

BTC has broken through the $8,500 resistance mark as trading is higher in this area. Furthermore, a figure resembling a double bottom has formed, favoring growth.

BTC/USD chart by TradingView

The short-term goal is to gain a foothold above $8,500, and gradually push the price upwards and breakthrough the resistance of this downward wedge. Currently, there are prerequisites for this to occur, as the trading volume is high - between $8,650 and $8,750.

BTC/USD chart by TradingView

Looking at the bigger picture, the situation is less positive as BTC is trading below the 50-Day moving average (50 MA) and the 100-Day moving average (100 MA). 

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When the Fibonacci retracement is applied to the chart, the price decreases to the $8,023 mark (78.6%). To sum it up, this will be the end of the bearish trend.

At press time, Bitcoin was trading at $8,555.

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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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