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"Much Bigger" Bitcoin Price Move Is Right on the Horizon: Market Analyst Jim Wyckoff

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    Technical analyst Jim Wyckoff claims that Bitcoin might experience a sharp price move after its “collapse” in volatility  

Cover image via www.kitco.com
Contents

According to Kitco’s technical analyst Jim Wyckoff, Bitcoin is on the brink of a major price move that will come after weeks of indecisive sideways trading. He believes that Bitcoin’s next breakout or breakdown will happen as early as this week.

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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 stability is worrisome

Wyckoff alleges that Bitcoin is bound to see some fireworks after its volatility has plunged to the lowest level since May.

Bulls and bears are presently on a level near-term technical playing field amid choppy and sideways trading that has turned very quiet.”

This prediction channels the one that was made by trading legend John Bollinger on Sept. 12. He pointed out that Bitcoin and altcoins were stuck in the Bollinger Bands (BB) Squeeze, which appears during the periods of low volatility.

In fact, BBands have only been in such a tight range only a couple of times throughout Bitcoin’s entire existence.

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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 big week

With the great descending triangle of 2019 drawing to a close, Bitcoin will definitely keep traders on the edge of their seats this week. Considering that this bearish chart pattern has a high failure rate, both bearish and bullish scenarios are on the cards.    

Chances are that the bulls will have a major cause for celebration given that descending triangles break upwards 63 percent of the time during bulls markets. Otherwise, it’s going to be bloody.

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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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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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