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Bitcoin Price Drop Is on the Cards, According to Market Analyst Jim Wyckoff

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  • Alex Dovbnya
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    Bitcoin has returned on the bearish side after failing to rally to $9,000

Jim Wyckoff
Cover image via jimwyckoff.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.

Kitco's market analyst Jim Wyckoff states that Bitcoin bears have gained "a short-term technical advantage," which means that traders could be looking at yet another BTC price drop this week.

"Prices are trending lower from the October high and the bears have gained the near-term technical advantage, to suggest sideways-to-lower price action in the near term."

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Bitcoin Price May Surge to $14,000 Before Halving: Crypto Trader

Bitcoin Price May Surge to $14,000 Before Halving: Crypto Trader

At the time of writing, the price of Bitcoin is holding on for dear life slightly above the $8,600 level after a decisive blast above $9,000 turned that took place on Nov. 11 turned out to be just a fakeout.

Bitcoin
image by kitco.com

Meanwhile, "Cantering Clark" says that he doesn't want to be a seller at this point given that BTC is currently in its fifth week of the negative weekly delta (the change in the price of a certain asset and its derivative). Hence, unlike Wyckoff, he doesn't expect to see more blood on crypto streets in the short-term. 

Speaking of crypto traders, the sentiment is predominantly bearish. "Haska" seems to target the low-$8,000 level. If his forecast comes to fruition, recent Bitcoin price gains will get evaporated. 

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Crypto advocate says he will be bearish if BTC drops below the $8,300 level. The crypto king hasn't seen such a low price tag since 2019.       

"Cantering Clark" says that he will long BTC "aggressively" if it does end up in the $8,300 area.         

 
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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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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
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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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Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

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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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