U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin Price Might Be Due for Pullback as FOMO Kicks into High Gear

News
Wed, 02/12/2020 - 20:06
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Cryptocurrency trader Josh Rager thinks that Bitcoin (BTC) might eventually hit a snag after its stellar rally in 2020

Cover image via www.123rf.com

Cryptocurrency trader Josh Rager believes that Bitcoin (BTC) could soon witness a pullback after rallying by more than 44 percent in 2020. In a new tweet, he explains that random direct messages and e-mails about buying crypto are reminiscent of previous market tops. 

Another ominous sign could be some low-cap cryptocurrencies rallying by up to 800 percent. Greedy investors are once again willing to speculate on obscure altcoins they haven't touched since the previous bull run.    

Must Read
Bitcoin (BTC) Price Still in Bullish Trend, Says Hedgeye CEO. Drop to $9,000 Possible? - READ MORE

Rager also mentioned CNBC's latest embracement of Bitcoin. The number one US business channel is usually regarded as a contrarian indicator when it comes to BTC prices. 

There is still a chance that the current rally will have legs. As reported by U.Today, the number of deposits to exchanges remains unchanged whilst market tops are usually marked by strong upticks. 

Meanwhile, trader DonAlt has just posted a tweet where he predicts a drop back to the $7,500 level.

DonAlt
image by @CryptoDonAlt

Given how accurate he was with his previous call, his chart could definitely send shivers down the spine of even the most stalwart Bitcoin bull.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

News
Wed, 04/01/2020 - 08:27
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

Must Read
Ripple's Xpring Wants to Make XRP Transactions Private. Is This Possible? - READ MORE

Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge