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Bitcoin Price Expected to Drop to $6,200, According to Eerily Prescient Fractal

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  • Alex Dovbnya
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    The incredibly accurate fractal, which was spotted by "NebraskanGooner, " shows that the Bitcoin price could soon drop to $6,200

Bitcoin Price Expected to Drop to $6,200, According to Eerily Prescient Fractal
Cover image via 123rf.com

Those who dared to question the power of fractal analysis, which allows traders to make Bitcoin price predictions based on the asset's recurring chart patterns, might soon have to eat their words. 

According to well-known technical analyst "NebraskanGooner," Bitcoin could very likely plunge by almost 20 percent from where it is now and revisit the low-$6,000 area.

Bitcoin Price

Whether it's a mere coincidence or not, the Bitcoin price has been moving in tandem with the fractal tracked by the trader.

As reported by U.Today, Josh Rager was confident that the BTC price would once again drop below $7,000 sooner or later. 

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That said, the expected 20 percent drop might not be as dramatic as traders paint to be.

If the fractal somehow manages to retain the same level of accuracy in December, BTC will swiftly bounce back to the $8,600 level right on the verge of Christmas holidays.

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Considering that the halvening event is slated to happen in less than six months, BTC's price action would still look rather subdued by the end of 2019.

However, stock-to-flow model creator PlanB said that he wouldn't be surprised be surprised if Bitcoin closed the year above $10,000.

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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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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
Cover image via u.today

On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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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.

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