U.Today Franchise
F2Pool
0
📰 News
1667 views

Bitcoin Price In Falling Wedge, Promising 70% Chance Of Bullish Reversal, Crypto Trader Says

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Yuri Molchan
    📰 News

    A crypto trader points out at a Falling Wedge pattern on a chart, saying that the Bitcoin price has a 70 percent chance of a bullish breakout

Bitcoin Price In Falling Wedge, Promising 70% Chance Of Bullish Reversal, Crypto Trader Says
Cover image via www.123rf.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.

Contents

Crypto trader @themooncarl with over 70,000 followers on his YouTube channel has broken some positive news for Bitcoin investors and traders.

A wedge pattern assumes an upcoming reversal

Judging by the chart he posted, BTC is the Falling Wedge pattern and chances are quite high that it will break out upwards soon. The trader warns his audience to wait for the actual turn of events to trade safely.

One follower of @themooncarl assumed that Bitcoin price may keep falling until it reaches $8,200.

👉MUST READ

Bitcoin Price Is in for 'Super Hyper Inflation' Before It Hits $1 Mln, Crypto Analyst Marius Landman Says

Bitcoin Price Is in for 'Super Hyper Inflation' Before It Hits $1 Mln, Crypto Analyst Marius Landman Says

Will Bitcoin drop to $8,200 instead?

The Dutch trader @CryptoMichNL, who often posts charts related to Bitcoin and altcoins, has offered a similar forecast.

He says that the likely scenario is that Bitcoin price would please the market by rising to $8,800 to confirm a slight reversal of the trend. However, he also mentioned another option, as the aforementioned commentator did – Bitcoin may fall down to $8,200.

👉MUST READ

$300,000 Worth of Bitcoin Demanded by Kidnappers of Belgian Teenager

$300,000 Worth of Bitcoin Demanded by Kidnappers of Belgian Teenager

Bitcoin is to outperform banks after the halving

@themooncarl brings up the upcoming Bitcoin halving which is to take place in May 2020. The inflation of BTC, he says, will be cut down in such a way that it will outperform the 2% target that global central banks have set themselves to reach.

Many in the crypto community believe that since miners’ rewards will be cut in two after that (which basically means that twice as fewer Bitcoins will be minted with each new generated block), the Bitcoin price is bound to surge.

However, some reckon that the upcoming halvening is not priced in. One of those is the co-founder of the Morgan Creek Digital fund Anthony Pompliano who is also bullish on Bitcoin.

However, he believes that the price will surge due to more and more institutional investors entering Bitcoin and using it as a store of value.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

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
CLOUD MININGPromoted
0
📰 News
69 views

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

👉MUST READ

Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

👉MUST READ

Ripple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero

Ripple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero

XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

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.

Recommended articles
CLOUD MININGPromoted