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Bitcoin Price to Dip to $6,700 after Bouncing to $8,250: Crypto Analyst

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  • Yuri Molchan
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    A crypto analyst and entrepreneur posts a screenshot of a chart which shows that the Bitcoin price is likely to drop to $6,700 after spiking towards $8,600

Bitcoin Price to Dip to $6,700 after Bouncing to $8,250: Crypto Analyst
Cover image via 123rf.com
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After the Bitcoin price approached the $10,000 level in early October, it has declined and been unable to recover to that area since then. Now, another forecast is talking about the likelihood of a further BTC drop.

Down to $6,700?

@nebraskangooner, a crypto entrepreneur and an analyst, has shared a chart earlier today. He says that according to it, the Bitcoin price is likely first to drop to $8,250, then to recover the $8,600 mark. After that, he says, Bitcoin may drop to as low as $6,700.

He does not trade using this fractal, the analyst says, however, as per him, ‘it's been following along almost exactly since I started watching it in September.’

Bitcoin slips to $8,400

On Friday evening, Bitcoin slid to the $8,400 level for the first time after briefly touching the $10,000 mark at the start of October. Since then, BTC has been unable to recover to that area.

A crypto trading expert Josh Rager has assumed that should the weekly BTC trading close below $8,235, the price of the father crypto would continue declining.

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Bitcoin price in the Falling Wedge pattern

On Friday, a crypto trader @themooncarl posted a screenshot, showing the Bitcoin chart forming a Falling Wedge pattern. The trader pointed out that from this pattern BTC has a 70%-chance of a bullish reversal.

At the time of writing this, Bitcoin is trading at $8,560.

BTC price CMC
Image by CoinMarketCap

 

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

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  • Alex Dovbnya
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    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
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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.

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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.  

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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.    

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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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