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📈 Price Predictions
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Bitcoin Price Is on the Sure-Shot Way to $7,500. What Do Positive Predictions Accentuate?

Bitcoin Price Is on the Sure-Shot Way to $7,500. What Do Positive Predictions Accentuate?
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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.

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Gaining traction again, Bitcoin continues breaking minor resistance levels one by one, which generates positive vibes in the crypto community. What else is their optimism based on? Let’s read Bitcoin price predictions from tradingview and take a look at technical indicators. There are many interesting facts and hints to take consider.

Time to make bets!

Two scenarios are expected for BTC

According to CryptoManiac101, there are two possible scenarios. We have three very interesting patterns, two of which are bullish, one of which is bearish and we are also working with overwhelmingly bearish indicators which have not stopped Bitcoin from doing a pump and dump thereafter.

So, what might happen? It's 50/50 at this point. You will even see that from looking at different TA's, no one really knows, but everyone has their own bias towards where Bitcoin will go in the short term.

One thing is for sure, we had more bearish signs two days ago compared to today.

  • Bull Scenario – we breakout with the target being above $6,000 - $6,400

  • Bear Scenario – we break pattern and target $4,700 - $4,800.

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Bulls hold the grip of the market

There’s still a point for entry for bulls

We have now seen two instances in the past couple days with a bear break of the 4-hour uptrend and no bear follow through to confirm a downtrend. The daily chart for BTC has the psychology of a cup and handle pattern with the inability to break resistance and a current bull flag.

As we see, the daily remains EMA12 support which will have to be lost as support in order for bears to gain any traction. Yesterday was another example of BTC 15 min oversold climax, signaling a good entry for bulls, with significant bounce follow through.

If we are going to see a daily continuation with BTC, it will need to come with a clear volume spike compared to recent lower volume trading the last week.

$5,700 before the correction

Expect BTC to hit $5,700 before the next correction

Bitcoin has been in another fight this week, attempting to set new relative highs. There has been a lot of selling pressure we have seen a few days, such as today with a few large sell orders on massive exchanges, and then similar experiences on the 10th/11th and 15th/16th.

Thus, Bitcoin is proving to be as strong as ever this past month and has been creating higher lows. Right now we are facing some heavy resistance around $5,375-$5,400. If we break above that level, BTC might be going to about the $5,700 range before correcting a bit. Otherwise, we should become cautious and set some stop losses below support for a potential correction coming. $5,200 is honestly a good spot to put a stop loss if you are trading Bitcoin on the short term, otherwise, it’s better to hold for the long run as Bitcoin is finally showing some great movement!

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Why is $7,500 a possible target?

Bitcoin is likely to stay overbought for 2 more weeks

Searching for the explanation of the recent rally, FlaviusTodorius67 has analyzed Bitcoin’s previous performance and discovered something very interesting.

Every time BTC broke the previous linear trend in the logarithmic chart, it retested it not long afterward. It happened after the 2011 and 2014/15 bear market, and it seems to be happening now.

The user claims that BTC must correct because the weekly stoch RSI has been on overbought now for over 1 month. If BTC does a rally, it can stay on overbought for up to 4 months – the record of the April 2013 bubble.

We are now at almost 2 months, so it can still stay there for 2 weeks, in the extreme case even 4 weeks. Overbought for 4 months is unlikely. So this means we could see 2-4 green weeklys.

A retest of the previous linear trend would lead us to the price point of $7,500. Afterward we would see a stronger correction and retest of the long square root trendline before the rally will pick up steam in 2020, and go to new ATHs in 2021.

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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📰 News
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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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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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