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📈 Price Predictions
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Bitcoin (BTC) Price Analysis — Can Bulls Hold the $8,500 Level?

  • Denys Serhiichuk
    📈 Price Predictions

    Should we expect a bullish trend revival or is that a false alarm?

Bitcoin (BTC) Price Analysis — Can Bulls Hold the $8,500 Level?
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.

Yesterday the price of Bitcoin increased from $8,150 to $8,600 just in two hours. Surprisingly, the top coins followed the growth of BTC that did not happen before. Moreover, the rates of some altcoins have risen more than the leading crypto. The biggest gainers are Binance Coin and Bitcoin SV whose prices have gone up by 9.34% and 9.38% respectively over the last 24 hours. 

Top 10 coins by Coinstats

Concerning Bitcoin, the growth of the rate was accompanied by the rising of the trading volume. Also, the rise keeps located in a short-term uptrend against the SEC's Bitcoin ETF rejection

Name: Bitcoin

Ticker: BTC

Market Cap: $154 149 735 716

Price: $8 571,62

Volume (24h): $20 192 823 576

Change (24h): 5,31%

The data is relevant at the press time.

BTC/USD: No Reaction So Far on SEC's Bitcoin ETF Decision

Our recent Bitcoin price forecast more than justified itself as the price overpassed the $8,200 mark and fixed above $8,500. 

BTC/USD chart by TradingView

On the 4H chart, Bitcoin has increased by more than 10% over the last two days. The short-term scenario remains bullish, as MACD is moving upward. However, there is a high chance to see BTC trading in a sideways trend because the RSI indicator is located in the overbought area. 

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All in all, the rate of the leading crypto is likely to locate in the yellow range as it is outlined on the chart.

BTC/USD chart by TradingView

On the bigger timeframe, the situation is more positive. The blue line of MACD crossed the red one, assuming the trend change. The last bullish candle absorbed the bearish one, which also supports the dominance of buyers. In this case, one may expect Bitcoin trading at $9,000 until the end of October.

Bitcoin is trading at $8,586 at press time.

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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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📰 News
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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
Contents

According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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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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