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Analyst: Bitcoin Would Rocket to $20k if It Were to Breakout Today

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  • Bitcoin’s price has been struggling to gain any serious momentum over the past few days
  • This has come about due to the stock market’s sideways trading, which is still holding heavy influence over that of BTC
  • The cryptocurrency is facing some heightened selling pressure due to bearish developments within the market, but bulls have been absorbing the heavy influx of sell orders
  • Where the entire market trends next may depend largely on Bitcoin
  • One analyst is noting that he believes it is coiled up to make a big move in the near-term
  • He even notes that this may be the “calm before the storm” and that a serious upside movement could be right around the corner

Bitcoin and the entire cryptocurrency market are currently trading sideways. Both bears and bulls have been struggling to take control of the market’s near-term outlook, which may be due to the stock market’s lack of momentum.

One analyst is noting that Bitcoin could currently be caught within the “calm before the storm” – a sentiment that indicates a big move is coming.

The same analyst further stated that he believes Bitcoin would rocket straight up towards $20,000 if it were to breakout today.

Bitcoin Struggles to Gain Momentum as Entire Market Consolidates

At the time of writing, Bitcoin is trading up marginally at its current price of $11,350. This is around the price at which it has been trading throughout the past few days.

Despite the stock market showing signs of weakness and altcoins drifting lower, Bitcoin still has significant buying pressure due to the bullish developments surrounding its adoption as a reserve asset amongst major corporations.

As it continues consolidating, most major altcoins have been slowly drifting lower as investors try to de-risk their portfolios.

Until BTC pushes higher, this trend will likely persist in the near-term.

BTC Would Rocket to Its All-Time Highs if It Broke Out Now; Claims Analyst 

While sharing his thoughts on Bitcoin’s near-term outlook, one analyst explained that Bitcoin would likely surge towards $20,000 within the next 3 months if it were to breakout now.

“Calm before the storm. If BTC was to breakout today, it would most probably reach its previous ATH of $20k within 3 months,” he said.

Bitcoin

Image Courtesy of Mohit Sorout. Source: BTCUSD on TradingView.

Unless a phase 2 stimulus package boosts the stock market and allows Bitcoin to explode higher, it is unlikely that BTC will be able to breakout until after the elections.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/analyst-bitcoin-would-rocket-to-20k-if-it-were-to-breakout-today/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-bitcoin-would-rocket-to-20k-if-it-were-to-breakout-today

Blockchain

I Like Bitcoin Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones

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  • Billionaire hedge fund manager Paul Tudor Jones III has become an even bigger Bitcoin fan following the most recent price developments.
  • As CryptoPotato reported back in May, Jones bought an undisclosed amount of BTC to protect himself amid the rising fears of increased inflations.
  • In an interview with CNBC’s Squawk Box, the prominent investor doubled-down on his words that Bitcoin serves as a hedge against the failing traditional financial world.
  • Jones noted that “I like Bitcoin even more now than then [when he bought BTC in May]. It’s in the first inning and has a long way to go.”
    Paul Tudor Jones
    Paul Tudor Jones
  • He also clarified now that BTC has a single-digit percentage in his investment portfolio. However, he believes that Bitcoin could outperform all other traditionally regarded as safe-haven investment assets:
  • “The reason I recommended Bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that Bitcoin was going to be the best inflation trade.”

  • Jones is not the only representative of the traditional investment world to have come on board the Bitcoin bandwagon. The Former CEO of the insurance giant Prudential and current Chairman of Sanders Morris Harris, George Ball, recently said that BTC is an attractive long-term investment.
  • In addition, giant companies like MicroStrategy and Square recently purchased millions of dollars worth of Bitcoin.

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/i-like-bitcoin-even-more-its-the-best-inflation-trade-billionaire-investor-paul-tudor-jones/

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XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)

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XRP/USD – Buyers Finally Break Above Symmetrical Triangle

Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.

XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.

The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.

Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.

xrpusd-oct22
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.

On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).

The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.

XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.

Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.

XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.

The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.

xrpbtc-oct22
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).

On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.

The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/xrp-bulls-step-in-with-a-5-daily-increase-is-0-30-next-ripple-price-analysis/

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BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition

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BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.

DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.

Transitioning to BitTorrent X

Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.

The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.

After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.

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With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.

DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.

Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.

“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.

justin_sun_cover
Justin Sun, founder of TRON and CEO of BitTorrent

It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”

The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.

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Source: https://cryptopotato.com/bittorrent-launches-bittorrent-x-ecosystem-following-dlive-acquisition/

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