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Bitcoin Price Likely to Spike on Approaching Bullish Divergence: Crypto Trader

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  • Yuri Molchan
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    A crypto trader believes that Bitcoin is likely to start rising on the upcoming bullish divergence, should the daily trading close under $6,880

Bitcoin price may spike on the upcoming bullish divergence, crypto trader says
Cover image via 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.

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Earlier today, the Bitcoin price dropped below $7,000. This price move coincided with the confirmed rumors of the hack against the South Korean Upbit branch. It was later confirmed that around $50 mln in ETH was stolen in an unauthorized withdrawal.

At press-time, the flagship cryptocurrency is trading in the $7,200 area.

The crypto trader ‘The Wolf of All Streets’ believes that a bullish divergence may appear on charts soon and this may push the BTC price upwards.

Bullish forecasts on Bitcoin

‘The Wolf of All Streets’ believes should the daily trading close below $6,880 it might create the necessary momentum for further growth.

Earlier today, the crypto analyst Crypto Dog expressed a view that the Upbit incident (‘inside job’ as it was referred to by some) made the Bitcoin price go down. However, instead BTC has reversed by around $500.

Another crypto trader, @MacnBTC, is also bullish on further Bitcoin price movements. He reckons he has found a long-term bullish scenario.

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Bearish point of view

However, some crypto traders believe in a bearish turn of events. @BTC_JackSparrow reckons that the current situation on the charts looks similar to what it was like when Bitcoin dumped from $6,000 to $3,000 last year. Back then, in the fall, many Chinese miners were getting out of business.

Some have been talking recently about a possible miner capitulation ahead of the approaching Bitcoin halving. Part of the community hopes that the reduction of miner rewards will kick the Bitcoin price up. The other part thinks that BTC will drop since a great deal of miners may quit, because block rewards will be cut by two.

@BTC_JackSparrow makes his point of view clear regarding the future BTC price.

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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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  • 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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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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