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Analysis

Bitcoin Price Reaches $4,075 After Forming A Doji Candlestick

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As we are continuing to watch closely what happens with the BTC price, in today’s bitcoin news we can see that there was a correction in the price after forming a Doji candlestick and it managed to endure the correction session.

The BTC/Dollar rate yesterday extended its momentum and increased by about 8 percent over 24 hours. Later in the day, the pair established another intra-day high reaching $3,927-fiat. The pair surpassed their support level at $3,400 but there are still some resistance levels to be surpassed in order to expect a dream bull run.

During the US session, the pair was slightly dragged down and the performance of the US Dollar was closely observed. The USD also dropped slightly due to the slow pace of interest rate hikes.

However, the BTC/USD pair is going upwards inside a bear flag while showing potential for a bigger breakout. There are two trend possibilities that can happen. The first one is a reversal trend that could lead the pair test support somewhere near the 100-period moving average or even form a bottom at $3,127-fiat. The second is an extended upwards motion towards $4,414-fiat.

The new support level for the pair is $3,751-fiat and the resistance level at $3,927-fiat. If a selling action happens at this point, the pair could test the $3,751-fiat as potential support. If the price, however, bounces back, then the potential support level will stay at $3,927-fiat.

The price of bitcoin is currently at $4,083 at the time of writing and we can expect new resistance levels as well.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Analysis

BTC Twitter Engagement Drops to Two-Year Lows: Report

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In the wake of the news that Bitcoin lost support below $8,000, we can also see that BTC Twitter engagement drops to two year lows. As an integral part of the crypto scene, Twitter is a good indicator of the (changing) sentiment about cryptocurrencies. The latest Bitcoin news are signaling that there is a decrease in interest for Bitcoin (and possibly other cryptocurrencies) by users on Twitter.Often gauged from Bitcoin analysts and industry insiders who spend their time on the social network, the BTC Twitter engagement is an obvious sign of interest for the cryptocurrency as a whole. In the latest news, we can see that this sentiment has declined back to levels as low as those seen two years ago.The irony is that a lot of what is going on in the crypto industry revolves around postings on a centralized social media platform. This is testament to the immaturity of the scene in the tribalism and everything else that is still rife on the platform. The bottom line, however, is that the growth of Bitcoin was monumental but now the interest on social networks is dropping.According to reports by Skew Markets, the BTC Twitter engagement has fallen to lows not seen for two years.https://twitter.com/skewdotcom/status/1197216029799309314This obviously may not be the case for other cryptocurrency assets but Bitcoin at least appears to have fallen out of taste on the social media platform. The peak on Twitter also came when the BTC price was at a peak during late 2017 and early 2018 - when the daily tweets for BTC topped 150,000. Today, they are only below the 20,000 level as the charts by Skew Markets show.This could be that the space has evolved beyond Twitter which would be a good thing since the entire scene is a bit of a circus. However, we can also tell that the intrusive advertising, unfettered spam and a lot of "trash posts" result in the drop of the BTC Twitter engagement.Just like Facebook, Twitter also controls what people see in their streams. The fact that Bitcoin is falling to new lows also accounts for the lack of interest, along with the miner capitulation and market manipulation reports which are driving traders outside of social media.https://twitter.com/100trillionUSD/status/1196818121337835523
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Analysis

Bitcoin Price Is Primed For Breakdown Below $8,000: Analysis

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bitcoin price is primed
The USD value of the leading cryptocurrency has extended its decline over the past couple of days and is now below the $8,250 resistance area. Analysts show that the Bitcoin price is primed for a breakdown and will likely decline below the $8,000 and $7,800 support levels if the downward trend remains.Speaking of, there were further losses in the Bitcoin (BTC) price below the $8,200 support area against the US dollar. BTC extended its decline below the 100 hourly simple moving average too - and tested the $8,000 support area.This is how the Bitcoin price is primed for a decline - and how it formed a low near $7,987 before correcting higher. At one moment, we could see that price of BTC trading above the $8,100 level and testing the $8,150 resistance area.The price seems to be facing a strong resistance near the $8,150 and $8,200 levels. It did shock a lot of investors when the crypto news posted a $8,631 high and a $7,987 low in one day for Bitcoin.Analysts agree that Bitcoin is primed for another downfall and believe that there is a major bearis htrend line forming with resistance near $8,150. The technical analysis shows that the 50% Fib retracement level of the recent decline is pushing $8,300 to act as a resistance - and the next major resistance is at the $8,400 level.The 61.8% Fib retracement level, on the other hand, shows that the Bitcoin price is primed for intermediate resistance near $8,360 and the 100 hourly simple moving average. On the downside, however, an initial support is near the $8,000 area.If we see a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level. Looking at the charts, the Bitcoin price is primed to face resistance near the $8,150 and $8,200 levels.Thus, there is also a risk of more downsides below $8,000. In order to start a decent recovery and in order for the Bitcoin news now to initiate a positive run, the price must settle above $8,200 first and gain momentum above the $8,300 resistance area.The total cryptocurrency market cap today is at $222 billion which is not a signal of a recovery coming. Other altcoins are still influenced by Bitcoin's momentum and may decline further as well.
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Analysis

BTC May Dip Below $7,000 Before Post-Halving Rally: Analyst

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btc may dip
One analyst named Tone Vays recently claimed that BTC may dip to lower regions before the halving event after which it is expected to visit new heights. According to Vays and his statement in the latest crypto news, BTC may dip below $7,000 before the mining reward halving.
“At the moment, I still see lower prices,” Vays noted in an interview with Block TV. “I still think we’re going to go lower than USD 7,000 before the halving. But after that, that would be the final secondary low. Hopefully it’ll be higher than the USD 3,000 low back in December. And then we can finally start a bull market after the halving.”
If the analyst is right, this means that BTC may dip and may drop pretty soon as the Bitcoin halving is expected to happen in May 2020. While the halving price has always been factored, there are still spikes. If the price of the most dominant coin falls, there will be another hype cycle going into the halving.
“It’s all about the proximinty of the halving and where the price is,” the analyst said when he told the media that BTC may dip lower.
Vays does not think that BTC will hit its all-time high in 2020 - in a year from now he sees it a bit over $10,000. Nonetheless, once the barrier of $20,000 is broken, $50,000 and $100,000 can follow "pretty quickly" but it won't be next year he said.The analyst also said that BTC may dip and that he was skeptical about BTC's recent rally when it hit new heights. Many pressured and said that BTC will keep rising - but the analyst notes that he knew that the big run up was "caused by the exodus out of the old coin space, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) – and eventually that stopped.The latest Bitcoin news updates show that the leading cryptocurrency is below $8,200 and trading slowly. When it comes to external factors, the analyst said that Facebook's “Libra is not a competitor to BTC” and China does not drive the market much.
“Maybe an ETF (exchange-traded fund) is actually coming. Things like that are very, very bullish for the space – the more comfortable traditional financial markets are with Bitcoin [and] the more regulated products that appear, the better it actually is for the price of Bitcoin,” concludes Vays.
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Analysis

Bitcoin Could Reach $100k By 2021: Logarithmic Regression Method

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bitcoin could reach
There are tons of predictions about the price of the leading cryptocurrency in the coming months. Some Bitcoin news updates even show that BTC could go to as low as $5,000 before surging and others believe that Bitcoin is on a good way to visit the $100,000 region. One analyst is in our news today for his thorough logarithmic regression method which analyzes BTC from the start and shows that Bitcoin could reach a price of up to $100,000 by 2021.Even big firms are joining the price predictions. As we shared in another post, Dan Morehead, Tom Lee and others are estimating Bitcoin to visit anywhere from $150,000 to $300,000 in the coming years.However, one of the most interesting is a recent video uploaded to YouTube by Benjamin Cowen, where the analyst outlines a Bitcoin price prediction based on logarithmic regression. What's important to note here is that even though Bitcoin could reach $100,000 in as little as two years form now, this is basically a trend that was found and a trend which has continued over the years.So, the main conclusion behind this video is that it can be true and Bitcoin could reach even more than $100,000 - only if the trend continues. The analyst is also active on Twitter and known under the handle @intocryptoverse.He carefully goes on to analyze Bitcoin from the start and shows interesting margins especially before, during and after halving events which he sees as a major catalyst for a Bitcoin bull run. Based on this, he belives that Bitcoin may visit a price of $141,173 by 2022 and a bottom of $29,799 in 2023 as a result of a correction - something that we also saw when BTC dropped from $20,000 to $5,000 at the end of 2017 and start of 2018.So, while it is true that Bitcoin could reach a price of $100,000 in the near future, it is also true that it may break - just as it did so far. When seeing "the big picture," you can certainly investigate the previous drops and see which events led to them.In that manner, this analysis is perfect and illustrates the path of Bitcoin over the years and its price movement with the halving events and other changes. The full video is published below.https://youtu.be/MpxxioVagcs
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