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📈 Price Predictions
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BTC/USD Price Prediction — Bitcoin Has Soared by a Third

  • Denys Serhiichuk
    📈 Price Predictions

    Bitcoin is coming back to the top stories in the news feed: Does it mean a consolidation of a bullish trend or a false alarm?

BTC/USD Price Prediction — Bitcoin Has Soared by a Third
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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.

On Tuesday, May 14, the cost of the most popular cryptocurrency - Bitcoin has exceeded the psychological mark of $8,000 for the first time since July 2018. The main crypto has updated the 10-month high and reached $8,335 at Bitstamp.

In one month, the price of Bitcoin rose by more than 67.5%, and therefore, technical analysts expected a rollback of the dominant cryptocurrency.

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Nevertheless, the strong fear of missing (FOMO) investors in the global market, complemented by a sharp increase in the volume of large exchanges, such as BitMEX, and markets such as CME further feeds Bitcoin bullish tendencies.

Regarding BitMEX, its CEO Arthur Hayes announced a new record of trading volume at the exchange.

BitMEX trading volume report by Arthur Hayes

Another reason is Microsoft, which talked about the launch of a decentralized identification tool on the Bitcoin blockchain.

Also, in many respects, investor interest in cryptocurrencies is caused by the intensification of the trade war between the United States and China.

Consensus blockchain conference is another reason that usually positively influences the crypto market (except the previous year).

BTC/USD chart (Consensus conferences comparison)

The current crypto market mood may also be described in one graph. According to the chart, the community is feeling the optimism phase now.

BTC/USD Community mood

Now, we will analyze the technical factors of BTC’s growth.

On the short time frames, Bitcoin is overbought to a certain extent; its quotes are looking down according to the MACD indicator.

BTC/USD 1-hour chart

The formation of a Triangle figure is another pattern that shows a possible rollback of BTC to the nearest support level as $7,785. The RSI indicator is between the 50 and 75 points, which is close to the overbought zone. Overall, we should expect a needed correction until the end of the week to around $7,800.

The price of BTC is trading at $7,998 at the time of the writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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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
Contents

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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