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Bitcoin (BTC) Price Breaks Above $8,200 While Bitcoin Cash (BCH) and Bitcoin SV (BSV) Post Even Higher Gains

  • Alex Dovbnya
    📰 News

    The cryptocurrency market is in the green with Bitcoin SV (BSV) leading a modest rally

Bitcoin (BTC) Price Breaks Above $8,200 While Bitcoin Cash (BCH) and Bitcoin SV (BSV) Post Even Higher Gains
Cover image via www.123rf.com
Contents

There is a good chance that the cryptocurrency market is finally reviving given that Bitcoin, the top digital asset by market capitalization, has surged by four percent over the last 24 hours. According to CoinStats data, the coin that started it all is trading at $8,243 with its market cap inching closer to the $150 bln level.

Bitcoin Price
image by coinstats.app

Turning the tables

Considering that Bitcoin has already had a few fakeouts, bears might dismiss this recent price uptick as another flash in the pan. However, Alistair Milne, the CIO of the Altana Digital Currency Fund, recently took to Twitter to allege that this time might be different. His graph shows that Bitcoin has managed to break out of another descending triangle, which could mean a trend reversal. 

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As reported by U.Today, the descending triangle of 2019 was the biggest riddle for traders in Q3. Eventually, the majority happened to be right about the upcoming downward move -- Bitcoin dropped like a rock by more than 20 percent on Sept. 24. 

As of now, the bearish sentiment is gradually waning. John Bollinger earlier assumed that Bitcoin had good potential for a head-fake trade. In layman's terms, it's simply a move in the opposite direction, which could also be described as a bear trap if to consider all $6,000 and $2,000 predictions

Bitcoin has been range-bound for almost a month at the lower-$8,000 level. Such prolonged periods of volatility usually mean that BTC is ready for another volatile move. 

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Bitcoin forks in the lead

While top altcoins mostly remain dormant, Bitcoin's controversial forks are on a roll. Bitcoin SV (BSV) is leading the pack with a seven percent price increase while Roger Ver's favorite Bitcoin Cash (BCH) is also up by six percent.

Top ten coins
image by coinstats.app

Will the Bitcoin price manage to touch $9,000 by the end of the month? Share your take in the comments! 

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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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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
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.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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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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