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Crypto Trader Predicts That Bitcoin Price Could Drop to $1,400 Based on Elliott Wave Theory

  • Alex Dovbnya
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    Alessio Rastani says that there there is a good possibility that the bearish scenario will play out for Bitcoin

Crypto Trader Predicts That Bitcoin Price Could Drop to $1,400 Based on Elliott Wave Theory
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Stock market and Forex trader Alessio Rastani, who also dabbles with the mercurial Bitcoin market, forecasts that the BTC price could drop to as low as $1,400 in case of a bearish scenario. He estimates that there is a 35-40 percent chance that this bearish prediction will come into fruition. However, as of now, there is a stronger probability of a so-called "wild card" scenario that would allow the BTC price to shoot up to $50,000. He points out that BTC has managed to hold above its 55-day EMA despite a sharp drop to the $8,400 level. 

"At the moment, the wild card scenario has a slightly higher probability. I would say from 60 to 65 percent." 

His analysis is based on the Elliott wave theory. Wave C is the most important one given that it usually indicates the end of a market correction. When the whole ABC construction is complete, traders have a splendid buying opportunity. Rastani suggests that the "C" wave of Wave 2 has been already completed, and Bitcoin would only surge higher from there. 

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According to Rastani, if Bitcoin falls below $5,000, then the probability of the aforementioned bearish scenario will increase. He says that his personal gut feeling tells him that this might be the case. Bitcoin remains below the weekly 21 EMA, which means that the bears are still in control.  

Crypto trader Josh Rager claims that it is crucial for the bulls to hold above the current price level. 

Meanwhile, as reported by U.Today, a study conducted by Indexica suggests that competing altcoins actually drive the Bitcoin price as the top cryptocurrency is gradually losing its dominance in the space. 



Do you agree with Alessio Rastani's take? Share your opinion in the comment section! 

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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 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. 

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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