0
📰 News
853 views

Bitcoin Price Prints Bearish Weekly Close, Which Opens the Door to $8,500: Trading Expert

  • Alex Dovbnya
    📰 News

    Bitcoin bears might get an upper-hand in the short-term, but the coin’s long-term outlook is still extremely bullish

Bitcoin Price Prints Bearish Weekly Close, Which Opens the Door to $8,500: Trading Expert
Contents

According to cryptocurrency trader “NebraskanGooner,” the Bitcoin price could drop to its 25-day SMA of $8,500 after registering a bearish weekly close below $10,400.

At the time of writing, BTC is changing hands at $10,340 with top altcoins shedding recent gains.

Top 10 coins by market capitalization
Image by Coinmarketcap

👉MUST READ

Bitcoin Futures Might Have Triggered Massive BTC Price Drop

Bitcoin Futures Might Have Triggered Massive BTC Price Drop

A dead cat bounce?

The trader also points out that Bitcoin could still start a new week on a high note with an upward move. However, this possible price uptick will most likely be just a flash in the pan, and the top coin will eventually go lower.

It is worth noting that “NebraskanGooner” correctly called BTC’s $500 drop that took place on Sept. 6. This downward move blocked the path to $11,000, thus invalidating the whole bullish narrative.

👉MUST READ

Analyst Predicts When Bitcoin Price Will Hit $100,000 Based on Power-Law Growth Model

Analyst Predicts When Bitcoin Price Will Hit $100,000 Based on Power-Law Growth Model

Bitcoin’s long-term picture

As reported by U.Today, commodity trading vet Peter Brandt recently warned cryptocurrency traders about a descending triangle that could resolve downwards, thus resulting in a major price crash.

However, in spite of this bearish indicator, he’s still long on Bitcoin in the long-term after earlier predicting that BTC could have entered another parabolic phase.

With the halving event being just eight months ahead, it’s hard not to be bullish on BTC. There seems to be a consensus that Bitcoin will reach a new ATH after the reward reduction. Based on BTC’s price growth during the previous halving events, it could rally to a whopping $400,000.

Cover image via www.123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

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
279 views

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
    📰 News

    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

👉MUST READ

"Crypto Wizard" Arrested for Taking Part in $16 Mln Cryptocurrency Scam

A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

👉MUST READ

Canadian Police Shed Light on New Bitcoin ATM Scam

Canadian Police Shed Light on New Bitcoin ATM Scam

Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

Cover image via
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

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