0
📰 News
770 views

Crypto Trader on Bitcoin Price Action: "Things Are Looking Bullish"

  • Alex Dovbnya
    📰 News

    This is shaping up to be a make-it-or-break-it week for Bitcoin. Will the bulls manage to turn the tables?

Crypto Trader on Bitcoin Price Action: "Things Are Looking Bullish"
Cover image via www.123rf.com

Bitcoin started a new week before the $8,000 level, which emboldened the bears. However, despite the bulls' failure to turn the tides in their favor, some cryptocurrency traders still expect the BTC price to stage an upward move in the short-term. 

"Crypto Welson" has recently posted his new price analysis on Twitter that depicts a descending triangle. The trader states that "things are looking bullish as of now" as he allegedly expects the triangle to resolve upwards this week. However, a breakdown below the $7,700 support would trigger another strong bearish momentum. 

👉MUST READ

Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

As reported by U.Today, Bitcoin broke below the support line of the "great descending triangle" on Sept. 24. This prompted a lightning-fast drop to the $8,000 level that became a new battling ground for the bulls and bears. Considering that the smaller triangle is moving closer towards a resolution, it's very likely that BTC will soon witness another major price move. 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency 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.

👓 Recommended articles
0
📰 News
2743 views

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. 

👉MUST READ

Close to Heresy: Mike Novogratz Shreds Binance CEO, Vitalik Buterin Joins the Fray

Close to Heresy: Mike Novogratz Shreds Binance CEO, Vitalik Buterin Joins the Fray

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. 

👉MUST READ

It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

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. 

Subscribe to the official U.Today Telegram channel. Get news first!

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.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings