Crypto Analyst: Bitcoin Macro Trend Targeting $50,000 in Less Than a Year – Plus XRP, Ripple, and Ethereum Updates
From new analysis on where Bitcoin may be heading to the rise of an Ethereum-based platform in India, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A crypto analyst known in the industry as Thrillmex tells his 30,000 followers on Twitter he thinks Bitcoin is set to break through its all-time high of $20,000 in less than a year.
According to the analyst, Bitcoin’s long-term macro trend shows that if past is prologue, BTC may be targeting a rise to $50,000 by July of 2020.
$BTC macro view.
Bitcoin looks to be gearing up for a possible multi-quarter bull run to 50k by July 2020. pic.twitter.com/4pZkVKFUWc
— Rampage (@Thrillmex) November 8, 2019
Fellow analyst Dave the Wave tells his crew of 14,000 followers that BTC may be reaching a bottom.
His analysis is based, in part, on Fibonacci ratios, which are used to help traders identify levels of support and resistance.
“Some trigonometry…
1] Medium term downward channel intact
2] Meeting the longer term mean of the cyclical curve [green dotted line]
3] meeting the longer term buy zone/ log growth curve
Fibs
1] An ‘ideal’ 50% retracement still on the cards
2] Time-wise nearing completion”
This could be it. The last move down, and then off to the races. Dry powder left? Buy in the buy zone [grey shaded area]. pic.twitter.com/KYYT6vT2VF
— dave the wave (@davthewave) November 11, 2019
But not everyone is feeling so optimistic.
Veteran trader Tone Vays says Bitcoin could be entering a channel that will bring the price below $7,000 in the short term.
“If I simply extend that trendline, that’s a reasonable low sometime in November below $7,000. And I think if we fall below $7,000, we’re going to go significantly lower.
I’m not ruling out [a $1,000 drop] or lower until probably April. So as long as it’s not April yet, Bitcoin can still fall to that $4,500 or $5,000 range and still be in a reasonable overall strong position.”
Ethereum
An Ethereum-based platform designed to track the production of coffee beans now has 30,000 registered farmers on board, according to a new report.
DownToEarth says the Coffee Board of India (CBoI), a government agency, has witnessed a burst of users signing up since rolling out the platform on March 28th.
“This is the first time a government agency is using blockchain technology in the country…
Farmers, exporters, curers, roasters and international buyers can register on it, and trade. The registration is complete only after a CBoI official verifies the details of the participants. Once this information is recorded, it cannot be fudged because of the very nature of the blockchain technology.”
Ripple and XRP
The founder of Ripple-backed XRPL Labs, Wietse Wind, says some significant changes are coming to the XRP Tip Bot, an app that allows users on Twitter, Reddit and Discord to send XRP to one another by entering a string of commands.
The changes are coming due to new crypto regulations that will soon roll out in The Netherlands.
“No point beating around the bush here: there will be mandatory KYC to start using the XRP TipBot.
However, KYC will be part of a even bigger change: XRP TipBot accounts. Users will have to register one XRP TipBot account, linking their social media accounts to their one XRP TipBot account.”
Regulating the XRP TipBot (⚠️ longread)https://t.co/khW9F9kzqA
TL;DR: Crypto will soon be regulated in The Netherlands. I am happy to step up my game & have some plans to take the TipBot to the next level. Are you game?
— Wietse Wind { 𝚡𝚛𝚙𝚕𝙳𝚎𝚟: 𝚝𝚛𝚞𝚎 } (@WietseWind) November 11, 2019
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