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Bitcoin Price Yet Again Decisive, a Retest Below $30k or Surge to $50k Is Imminent

Bitcoin price analysis

The post Bitcoin Price Yet Again Decisive, a Retest Below $30k or Surge to $50k Is Imminent appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

BTC Price Flipped H&S Pattern, Yet May Plunge The Bitcoin price rally which began in the mid of December 2020, marked the most historical rally in history by breaking all the resistance levels. Many expected $50K is approaching very soon, yet a plunge trembled the rally which may be a massive one.  The price currently …

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BTC Price Flipped H&S Pattern, Yet May Plunge

The Bitcoin price rally which began in the mid of December 2020, marked the most historical rally in history by breaking all the resistance levels. Many expected $50K is approaching very soon, yet a plunge trembled the rally which may be a massive one. 

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The price currently has entered an ascending triangle yet once again where-in an uptrend is important for the continued trend towards $50K.

BTC price chart

The 4hour chart of the BTC price showcases a Head & Shoulder pattern formed a couple of times in the past few days. However, the price flipped the pattern to surge but trending in a very narrow range. 

In the current scenario, despite the H&S pattern is whipped, the price is required to jump breaking the upper resistance of the triangle. Else the downtrend might drag the price to the lowest ever levels, quashing all the profits of the bull rally.

According to an analyst, Lark Davis, Bitcoin is coiling up for a massive launch towards its target at $50K, by the end of January 2021. He also mentioned that the Altcoins  will also pump hard in the meantime. 

Important Retest for Bitcoin Price

Bitcoin often enters a decisive phase and ends up being victorious most of the times. However, the price has also suffered a plunge which declined the price around 18%- 25% in recent times. 

Currently, as per an analyst, MMCrypto, Bitcoin is gearing up for the most important retest of the month. The analyst says that, if the price breaks the above resistance level, then probably the levels close to the head & Shoulders invalidation. If in case, the price gets rejected, it may drop massively, maybe levels below $30K also.

BTC price at the time of writing is $35,268, attempting very hard to maintain above $35,000. If the Bitcoin price rally needs to continue to hit the target at $50,000, then a breakout is very important holding strongly at the support levels.

Source: https://coinpedia.org/news/bitcoin-price-again-decisive/

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Blockchain

Bad guys can’t cash out their loot in 2016 Bitfinex hack

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Assets stolen from Bitfinex crypto exchange in a hacking incident back in 2016 will take over a century to be cashed out, blockchain intelligence firm Elliptic said in its latest report.

On Thursday, the company published a statement about the infamous hack that resulted in Bitfinex losing 120,000 bitcoin (valued today at around $7 billion). It detailed nearly 80% of the illegally obtained funds are still in the hacker(s) wallet.

The remaining 21% have been moved around by the malicious cyber attackers that have only managed to launder 4% of their total haul, which is approximately $270 million.

A roadblock for the attackers

Elliptic pointed out that the reason for their thesis is the evolution of crypto tracking tools, regulations, and law enforcement methodologies that make stolen or ill-gotten digital assets very challenging to cash out today.

The intelligence company explained that the hackers used “peel-chains” to exchange the stolen funds. In this method, crypto tokens are moved around numerous times, moving fast from wallet to wallet, and only a small amount of the bitcoin is “peeled off to their actual destination along the way.”

Back then, it was extremely hard to track crypto-assets laundered using this method. But today, the emergence of automatic tracing systems capable of determining the ultimate source or funds in an address makes the job a lot easier for the authorities.

The hacker after the cyber attack

After the successful attack on Bitfinex in 2016, the laundering process started in 2017 through the largest darknet market that time – Alphabay. Later that year, it was shut down by law enforcement, prompting the move to Hydra – the biggest illegal marketplace today.

Cryptoslate cited part of the report from Elliptic, stating, “After a hiatus in 2019, the launderers returned to Hydra in 2020 and are currently depositing $3 million of the stolen bitcoin every month.”

According to the report, to date, there is now approximately $72 million worth of the stolen cryptocurrency sent to Hydra.

 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/bad-guys-cant-cash-out-their-loot-in-2016-bitfinex-hack/

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Three reasons why Cardano is going on this price trajectory

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Rising trade volume across spot and derivatives exchanges have supported Cardano’s ongoing price rally over the past few weeks and months. The altcoin, at the time of writing, was trading at the $2.32-level, with the crypto gaining by 20% in 24 hours to touch one ATH after the other. The aforementioned hike in price and trade volume were evidenced by the increase in market capitalization as well.

Thanks to the aforementioned factors, Cardano is now ranked third among the market’s top-10 altcoins, based on data from CoinMarketCap.

What’s more, based on the attached chart, currently there is more ADA staked than in the past 30 days. In fact, it is at nearly half a million. With 100% of its HODLers profitable at the press time price level, ADA’s rally is likely to be a long one, especially with the altcoin’s staking rewards data offering a similar conclusion. With a relatively high percentage of ADA staked, a direct relationship has emerged between staked ADA and ADA’s price.

While the current on-chain sentiment is slightly bearish, the net network growth stood at a positive 5%. Further, while there has been a slow drop in large transactions, that could mean that more retail traders are buying ADA v. HODLers and institutions. Unless trade volume drops and cascading sell-offs occur, the price is likely to hold at its current price level.

In the case of Cardano, the concentration by large HODLers has remained largely below 30% and this is key to its ongoing rally. Top memecoins and altcoins that are rallying like DOGE, LINK, BNB, and ETH, among others, have a high concentration by large traders. This is essential to supporting the price at its key levels.

$80 billion worth of large transactions have transpired over the past week and the inflows are anticipated to increase even more. Less than 15% HODLers have held ADA for over 12 months, despite YTD gains of over 500%. And, ADA’s HODLers are lower in numbers than expected. Ergo, the short-term ROI could be the key reason for the short HODLing duration.

Based on data from Messari, the ROI over the past week was nearly 40%.

Why Cardano's price rally is a long one

ADA short-term ROI || Source: Messari

In the past year, the ROI was over 700%. This is a relatively high gain for HODLers, despite several dips.

ADA’s latest developments and the increasing demand in the second phase of the altseason make it one of the hottest altcoins to buy and HODL. In fact, one can argue that ADA continues to remain undervalued at the press time price level.


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Source: https://ambcrypto.com/three-reasons-why-cardano-is-going-on-this-price-trajectory

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