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Bitcoin price prediction – Bulls hold the fort at $12,800 in pursuit of $14,000

Bitcoin price prediction remains firmly in the bullish region as price flirts with $13,000 The sell-off in US Dollar is triggering big moves in gold and BTC/USD pair Bitcoin has closed above multiple crucial resistances between $12,430 to $12,878 Institutional buying and long-term investors are joining the BTC bull league Bitcoin price prediction – Bulls […]

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  • Bitcoin price prediction remains firmly in the bullish region as price flirts with $13,000
  • The sell-off in US Dollar is triggering big moves in gold and BTC/USD pair
  • Bitcoin has closed above multiple crucial resistances between $12,430 to $12,878
  • Institutional buying and long-term investors are joining the BTC bull league
Bitcoin price prediction – Bulls hold the fort at $12,800 in pursuit of $14,000 1
Cryptocurrency heat map by Coin360

Bitcoin price prediction – Bulls accumulate near fresh 2020 highs at $12,980

As the sell-off in US Dollar continues, the global markets are in a wait-and-watch mode. Nevertheless, gold and Bitcoin are being watched with much enthusiasm by the investors looking for shelter if things go haywire. The upcoming US Presidential elections are a cause for panic, and world markets are working on thin liquidity as the voting day approaches.

Gold is approaching another breakout region. The increasing correlation between BTC and gold means that traders should expect big moves in the coming days. It seems that the overall bullish theme in both safe-haven assets will continue for some more weeks. BTC/USD pair is holding above $12,800 resistance and looking to break past $13,000 to pursue fresh new annual highs on the back of a positive Bitcoin price prediction.

Bitcoin price movement in the last 4 hours reflects a strong bullish hold

Bitcoin price prediction – Bulls hold the fort at $12,800 in pursuit of $14,000 2
Bitcoin price chart by TradingView

The Bitcoin price prediction continues to be driven by underlying bullish buying activity. The overstretched Bollinger Bands have begun to cool down and approaching contraction. This is a good sign since bulls will book profit, and then accumulation will start all over once again.

Quick profit booking over the weekend can trigger some wild moves, but the $12,500 fortress will hold strong. The performance of USD-denominated assets and gold will certainly have an impact on the BTC/USD pair. Of course, BTC price action in the next few days will be governed by the US Presidential election theme. Throughout the summer, both gold and Bitcoin have displayed strong safe-haven characteristics pushing them to new all-time highs.

BTC/USD 4-hour chart – All resistances demolished in pursuit of $14,000

The 4-hour BTC/USD chart shows that the pair has demolished every major resistance level to maintain the price above $12,800. The contracting Bollinger Bands will only stabilize the price further on the hourly timeframe. In its battle against higher resistances, the crypto king will look towards touching the $14,000 resistance in a bid to post fresh new 2020 highs.

The broad resistance band in the 12166-12430 level is now comfortably underneath the price. This level contains long-term Fibonacci resistances, which have been demolished now as the price close above the $12,763 mark for two straight days. The Relative Strength Index is still in the bullish territory but now looks muted in agreement with contracting Bollinger Bands.

Earlier in August, the price was rejected from $12,473 as Fibonacci Resistances stopped the oncoming rally dead in its tracks. Today, the inflated volume and liquidity are ready to charge ahead. Optimum risk management by the bulls will surely take the price further up from the $12,989 level. Traders would look for more positive signs before embarking on a fresh Bitcoin exposure.

Technical indicators are lining up nicely to support a BTC Bullish wave

As the price rests comfortably above the $12,450 level, bulls look all set to use this stagnation phase for more accumulation. The stopover near the 52-week high displays the underlying strength of this bullish Bitcoin price prediction.

The 20-day EMA rests around $11,671 has an upward slope to support the bulls underneath. Then, the 50-day moving average at $10,940 is slowly waking up to look upwards. The RSI reading on the hourly charts shows 81, which is a sign of concern. But the weekend’s thin liquidity can help cool down RSI in case of bears decide to wait and watch.

As the price repeatedly flirts with $13,000, the bulls are in no hurry to book full profits. The inability of the pair to fall rapidly below the support shows there’s no selling at higher levels. If the BTC/USD pair does not break $12,450, there’s a high chance that the pair will breach $14,000 to post fresh new highs. A contrarian Bitcoin price prediction states that if the price action falters and touches the $12,540 range, the selling action can intensify, and the pair can reach lower support levels proving that the current rally was a bear trap.

Bitcoin price prediction – All eyes on US Presidential elections

The next leg of the rally would be powered by pro-traders instead of day traders. Only if institutional demand pics up and more fundamentals line up will the Bitcoin price prediction pick up the pace. Bulls must maintain the buying momentum at higher levels for positive Bitcoin price prediction.

So far, the exchange data signals that pro-traders are still waiting for more signs to enter the current rally. Additionally, the CME gap data points to a slow but steady rise in Bitcoin futures, signaling that the demand is picking up slowly. Remember, large institutional investors do not pursue an asset due to ‘FOMO’ but take a more risk-averse approach featuring long-term investment potential. The PayPal news has also played its part in fuelling the broad crypto rally this past week.

Currently, the price rests around $12,880 levels. The flat candles on the hourly chart show that stagnation has taken over the price action. The bulls may be relaxing, but they are certainly not exhausted as the pair is in no mood to test lower support levels at $12,460. The thin liquidity over the weekend can trigger a massive move only if the bulls are willing to book profits on a large scale around the $12,980 mark.

For now, Bitcoin price prediction remains firmly entrenched in the bullish region. Next week will be full of volatility as bulls look at the oncoming US Presidential election.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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The Curious Case of a Conflicted Bitcoin Bearish Wedge

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Bitcoin is stuck below $20,000.

The flagship cryptocurrency has attempted to break above the psychological resistance level multiple times in the last two weeks. In one of the instances, it reached as far as $19,915 only to face a bearish assault at the new record high that pushed its price lower by $2,000. It is evident that traders’ profit-taking behavior goes wild when Bitcoin closes towards $20,000.

Bitcoin Wedge

But looking from a wider perspective, the entire range between $19,500 and $20,000 prompts traders to exit their bullish positions for a short-term profit. In late November, the BTC/USD exchange rate made two back-to-back attempts to break above $19,500, but it succumbed to higher selling sentiment near the level, falling to as low as $16,200 later.

A pullback ensued, and the price again faced the same bearish bias near 19,700 — a development from $19,500, nonetheless. And now, the $19,900-area is giving the same vibes, having been crashed the price to $18,109 upon its latest test.

The price behavior has left Bitcoin in a sequence of modestly increasing higher highs and lower highs. Envisioning them together makes it look like that they are forming a Rising Wedge.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Rising Wedge pattern in development. Source: BTCUSD on TradingView.com

In retrospect, traders see Rising Wedge as a bullish-to-bearish reversal pattern. So it typically happens the price ascends inside the Wedge range but breaks below its support trendline eventually. If accompanied by higher volumes, the negative breakout crashed the price by as much as the maximum distance between the Wedge’s upper and lower trendline.

Bitcoin’s current Rising Wedge pattern’s height is $3,249. Depending on where it breaks lower from, its price would likely fall by roughly $3,000. That would mean a plunge towards $17,000 — at least.

But There Is A Catch

The Wedge’s upper trendline is almost flat, with the difference between higher high levels close to $200. Some traders can also assume that it is a horizontal resistance level. If true, it would throw the entire bearish reversal theory, as discussed above, into a bin.

A horizontal line makes the entire Bitcoin structure looks like an Ascending Triangle. It is a continuation pattern wherein the asset in concern typically continues in its previous trend’s direction with a breakout above the upper trendline. An ideal bull target is as much as the height of the Triangle.

That means Bitcoin price — again — expects a move worth $3,000-3,249 but to the upside. It puts the cryptocurrency’s bull target at around $23,000.

So far, fundamentals favor Bitcoin.

The inflation narrative sticks because of the Federal Reserve’s likelihood of buying short-dated bonds and corporate debts amid a low-interest environment. On the one hand, excessive US dollar liquidity prompts investors to dump the greenback. On the other, the prospects of earning lower yields divert their attention to riskier assets like Bitcoin.

That explains why the cryptocurrency’s Rising Wedge pattern appears less threatening.

Source: https://bitcoinist.com/the-curious-case-of-a-conflicted-bitcoin-bearish-wedge/?utm_source=rss&utm_medium=rss&utm_campaign=the-curious-case-of-a-conflicted-bitcoin-bearish-wedge

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Hackers Demand 200 Bitcoin Ransomware After Compromising Leading Israeli Insurance Company’s Sensitive Data

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A notorious hackers’ group called The Black Shadow has compromised one of the largest insurance companies in Israel – Shirbit. The attackers have already released sensitive client documents and have demanded a ransom in bitcoin, which could rise to $4 million by the end of the week.

Israeli Insurance Company Hacked

According to a local media outlet, the first confirmation of the hack came on Monday evening. Representatives of The Black Shadow group posted an initial batch of compromised documents on a Telegram channel.

Shirbit had contacted the National Cyber Directorate and Capital Market Authority to open an investigation. Shortly after, the organizations confirmed the breach and indicated that the hackers have also leaked numerous insurance details, alongside the initial documents.

According to the report, Shirbit has many high-profile customers, including government employees. Company CEO Zvi Leibushor said that the safety of its clients is Shirbit’s top priority.

“Shirbit has invested millions of shekels in securing databases and protecting against cyber-attacks and meets all the stringent regulatory requirements in this area.” He added that the firm has invested “all resources and efforts needed for an effective safe and rapid solution to this cyber-attack, whose real goal is to try to harm the Israeli economy.”

Demand Requested In Bitcoin

After releasing a small part of the compromised documents, The Black Shadow reps have contacted the victims to request 50 bitcoins (about $960,000 with today’s prices).

However, in case Shirbit failed to pay the attackers within the first 24 hours, the demand would double to 100 bitcoins. The procedure will repeat and double to 200 bitcoins if another 24 hours pass without payment.

Furthermore, the hackers threatened the insurance company that if it fails to transfer the funds by the end of this week, they will sell all compromised data to other bidders.

It’s worth noting that numerous other Israeli companies and high-profile individuals have recently become victims of similar hacks and demands.

CryptoPotato recently reported that 20 Israeli crypto executives, all clients of the local telecommunications giant Partner, were hacked by stealing their SMS messages.

Another coverage informed that a new type of ransomware attacked called Pay2Key has been executed against several Israeli companies in the second part of 2020. The perpetrators had requested the demand in bitcoins, similarly to the Shirbit hack.

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Source: https://cryptopotato.com/hackers-demand-200-bitcoin-ransomware-after-compromising-leading-israeli-insurance-companys-sensitive-data/

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Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey

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From what happened in the last couple of weeks, it appears that the crypto bull market is upon us. Bitcoin has been consistent with its volatility-induced rallies, and this is infusing confidence in investors.

So much, so that VIP clients in Kraken’s latest Crypto Sentiment Survey say that BTC will skyrocket to about $36,000 in 2021. They also feel that ETH could revisit its previous highs of $1500.

Bitcoin And ETH To Trade At Average Prices Of $15K and $549 By 2020 End

The latest Kraken Crypto Sentiment Survey covers investor sentiment for the second half of 2020. The exchange had already conducted a similar survey back in March this year. But then investors were way more optimistic about BTC and ETH price growth by December.

Now, the same respondents have retracted their bullish calls for bitcoin and ether (ETH) this year. According to the latest numbers,

The average bitcoin price target among 309 responses fell -35% surveyover-survey to $14,866, well below February’s average of $22,866. The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.

With respect to ether (ETH), the average price target among 289 responses was $549, off -32% from the previous survey’s average of $810. The median price target was unchanged at $500 and the most frequently cited price target was $500, up +66% from $300.

At 72 percent, traders and investors (down from 81 percent when the survey was conducted in March) comprised a majority of the survey responses. 18 percent of responses came from Institutions (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist).

And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners. As compared to March, the researchers at Kraken anticipated a lower price growth optimism from the said respondents since the year is so close to its end.

The Outlook For 2021 Remains Super Bullish

When asked about how they see bitcoin and ether prices in the next year, respondents didn’t shy away from expressing their mega bullish calls. Survey participants called for an average bitcoin price target of $36,602 in 2021. Some put the median bitcoin price target at $25,000, but a lot of folks (approximately 61 percent) felt if not anything else, BTC will at least hit $20,000.

A small section of respondents reported hopium-induced ultra bullish calls.

Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000, roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000…

Survey participants were very optimistic about ETH’s outlook as well in the next year. This sentiment came from the discussions around Ethereum’s network upgrade and the growing popularity of the DeFi ecosystem. Respondents think ETH will trade at an average price of $1454 in 2021. Also, at the same time:

Close to 59% believe that ether will, at least, hit $800. Additionally, 22% of respondents see ether surpassing its previous all-time high of $1,595 set in early-January 2018 and just under 92% see ether, at the very least, trading higher than current price in 2021.

What becomes evident from the aforementioned numbers is that participants in a price prediction survey tend to project bullish figures for a longer-term.

Will Bitcoin(BTC) and ether (ETH) hit the above price targets in 2021? That still remains to be seen.

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Source: https://cryptopotato.com/bitcoin-price-to-hit-36000-in-2021-kraken-crypto-sentiment-survey/

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