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📈 Price Predictions
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Bitcoin (BTC) Price Analysis — Anticipating a Move Above $9,000

ByBit
  • Denys Serhiichuk
    📈 Price Predictions

    Anticipating the $9,000 mark or preparing for a continued bull run? What to expect from Bitcoin in the near future?

Bitcoin (BTC) Price Analysis — Anticipating a Move Above $9,000
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 Saturday, November 2nd, the cryptocurrency market started on a positive note. According to CoinStats, the top 10 coins are in the green, with EOS (EOS) standing out from pack with a 3% increase since yesterday. The Bitcoin Dominance Index keeps decreasing, and currently makes up 67.25%. 

Top 10 coins by Coinstats

The world’s first cryptocurrency started the week on a negative note, losing 3.56% on Monday. This is noteworthy because on that day, Bitcoin (BTC) formed a long wick candle, suggesting an exhaustion of buyers. Below the relevant data at the time of publication:

  • Name: Bitcoin
  • Ticker: BTC
  • Market Cap: $167,678,090,915
  • Price: $9,302.27
  • Volume (24h): $22,578,968,379
  • Change (24h): 1.36%

BTC/USD: Showing False Growth Before a Drop

According to our recent forecast, BTC's current growth is likely to continue up to $9,750.

BTC/USD chart by TradingView

Yesterday, BTC's price continued its lateral movement, in which the attempts by buyers to a gain a foothold above the watch EMA 55 was successful. The bulls can go further to a support level of $9,400 if the volume increases. Otherwise, the bears will bring the rate back down to a support level of $9,000. 

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Respectively, the short-term scenario is bullish, and a mark at $9,400 might be touched until the end of the current weekends.

 BTC/USD chart by TradingView

Looking at the bigger time frame, the picture is less optimistic. One may observe the declining highs, as well as a decrease in the trading volume. In addition, the MACD indicator is losing ground, forming an upcoming decline. In short, there will be a retest of the $9,000 mark next week.

At the time of publication, BTC was trading at $9,364.

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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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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

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.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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