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Bitcoin Price Is Primed to Retake $8,000: Bloomberg

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  • Alex Dovbnya
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    Shorting Bitcoin could be dangerous at this point as growing buying pressure is expected to push its price to $8,000

Bitcoin Price Is Primed to Retake $8,000: Bloomberg
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The Bitcoin price might finally be able to surge back to the $8,000 level. According to Bloomberg, the leading cryptocurrency has entered a buying trend, which means that traders should be very careful about shorting BTC's recent price recovery.  

Bitcoin Price
image by bloomberg.com

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All eyes on November's close

If buyers hurry up, Bitcoin could still avoid the biggest red candle on its monthly chart in 2019. At press time, it is changing hands at $7,754 after recording a modest two percent uptick over the last 24 hours, CoinStats data shows. 

Still, BTC is down by 19.1 percent since starting November on a high note at $9,586. Cryptocurrency trader "Mr. Anderson" states that it's pivotal for bulls to hold above the 21-month exponential moving average (EMA). 

According to technical analyst Omkar Godbole, Bitcoin needs to close above $7,380 in order to print a bull reversal on its three-day chart. If bulls want to up the ante, the crypto king needs to breach the $8,200 in order to form the inverse head-and-shoulders formation, a bullish pattern that usually signals a market bottom.            

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Will this rally fade?

That said, Oanda's market analyst Craig Erlam claims that this short-term momentum will not erase a lot of bearish sentiment surrounding Bitcoin. 

"There’s obviously been a lot of bearish sentiment recently and there’s nothing in the bounce that suggests a shift to me," Erlam told Bloomberg.    

If that's the case, Bitcoin's recent revival will most likely end up being short-lived just like the fake China rally that historically pushed the BTC price by more than 40 percent in one single day.  

Bloomberg, despite taking a lot of heat from crypto communities because of its doom-laden articles, tends to be pretty accurate with short-term price calls. On Nov. 5, the leading financial news agency posted a bearish price prediction, which turned out to be eerily spot-on.      

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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
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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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