A leading crypto analyst expects Bitcoin to once again retreat and consolidate before the start of a new rally.
The anonymous analyst who goes by the name Filbfilb tells his 7,300 followers on TradingView that he expects BTC to climb below $8,500 in the short term.
“The ‘working week bears’ have kept the weekend price action in check and It doesn’t look to me like there will be momentum to break through $9.5k with ease.
$9.5k is textbook shorting territory at previous support now resistance and although resistance is there to be broken, its looking increasingly difficult.
Should we get the retracement that I am hypothesizing, I expect it to be into the mid $8ks and fill the CME meme gap (which is incredibly annoying but I suspect is destined to occur.”
After the retracement, Filbfilb expects BTC to begin a long-term trend that could take it above $30,000 by June of next year.
Ethereum
Joe Lubin, the co-founder of Ethereum and founder of ConsenSys, just sat down for an interview with FintechBeat.
Lubin talks about the coming upgrade to Ethereum 2.0, his thoughts on Libra and the CFTC’s stance on ETH.
The Ethereum Foundation has also posted the second installment of ‘eth2 quick update.’
With the long-awaited upgrade, dubbed Serenity, Ethereum will implement a full proof-of-stake model and tackle scalability. Developers will also gain access to a new virtual machine for building decentralized applications.
You can check it out here.
Ripple and XRP
Ripple says it has crunched the numbers on just how volatile its use of XRP is during cross-border transfers.
The company’s XRP-based solution called On-Demand Liquidity utilizes crypto exchanges that can accept fiat and send XRP to a corresponding exchange in another country, where it’s converted right back to cash.
According to Ripple, the process exposes its clients to XRP for a matter of three to four seconds, which it says adds up to less volatility than strictly transferring fiat, which can take days.
“Ultimately, the speed of an XRP transaction means that transaction partners are in and out of the digital asset so fast, there’s no need to hedge. The resulting risk is much lower with a digital asset and is one of the reasons companies like MoneyGram have been so effusive about the advantages of Ripple and XRP.”
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