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Crypto Trader on Bitcoin Price Action: 'Something Bigger Is Brewing'

ByBit
  • Alex Dovbnya
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    Traders are missing out on the bigger picture while watching Bitcoin's short-term moves

Crypto Trader on Bitcoin Price Action: 'Something Bigger Is Brewing'
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.

Bitcoin (BTC) has been range-bound ever since its price jumped by more than 30 percent in one day on Oct. 25. With that in mind, cryptocurrency trader 'Mr. Anderson' expects a bigger price move. 

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Some might argue that Bitcoin is not exactly stable as of now since it continues to see-saw between its support and resistance levels. However, 'Mr. Anderson says' that it's easy not to notice a lack of volatility on the higher time-frame price charts.

After taking a close look at the coin's weekly chart, he now says that something "much bigger" is coming. 

As reported by U.Today, Binance CEO Changpeng Zhao, who controls the largest exchange by trading volumes, predicted that the Bitcoin price could go to $16,000 'soon-ish' on Nov. 1. Such an ambitious forecast was made after the famous 4chan prophecy was failed to hit its October target. 

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Putting aside a crystal ball, Bitcoin might be indeed on the brink of another turning point after weeks of low volatility, but this is not necessarily good news for the bulls. After being stuck in the $10,000 range for weeks, Bitcoin tanked to the $8,000 level on Sept. 25 and it took it more than a month to experience a price relief.   

At press time, the crypto king is changing hands at $9,299, CoinStats data shows. Trader Luke Martin says that Bitcoin will be a good buy if it reaches the bottom of the trading range again. Last week, Bitcoin briefly dipped below $9,000 on multiple occasions, but it never managed to print a daily close above this level.  

 Will Bitcoin be able to make a decisive move in the short-term? Share your take in the comments!   

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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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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
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    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

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

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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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