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Top BitMEX Trader Says He’s “Patiently Waiting” for Bitcoin Price to Drop to $6,000 Level

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One of the most successful BitMEX traders believes that Bitcoin is bound to experience another major correction

Cryptocurrency trader “Angelo฿TC,” who rose to stardom after becoming the number one trader by notional profit on the BitMEX cryptocurrency exchange, has just taken crypto Twitter by the storm by saying that he’s “patiently waiting” for the Bitcoin (BTC) price to hit $6,000 so that he can add more sats to hit long-term holdings. 

It’s very rare when the “semi-retired” whale takes to Twitter, but he always causes a huge splash when he does. At the end of August, when Bitcoin was still hovering above the $10,000 level, he tweeted his friend’s warning about “long capitulation” that would occur if Bitcoin were to break below $8,000. 

As reported by U.Today, the BTC price did experience a painful correction on Sept. 25, just two days after the much-anticipated Bakkt launch. After rebounding from the $7,700 level and witnessing several fakeouts, the top coin is currently trading sideways in the $8,100-$8,200 region.

Back in March, when Bitcoin was inching closer to its historic 20 percent green candle that was recorded on Apr. 2, “Angelo฿TC” stated said he had never been more bullish on Bitcoin.

He predicted that the BTC price could surge to $30,000 by 2021 given that crypto is only “a drop in the bucket” compared to already established asset classes, such as gold.

“The end goal for Bitcoin as an investment is a binary outcome. It goes to 0 or you 10x your investment. There is no in-between.”

Still, $30,000 might be a very conservative figure. Commodity trading veteran Peter Brandt, whose tweets also attract a lot of attention on Twitter, recently predicted that the BTC price could shoot up to $50,000 after eventually bottoming out at the $5,500 level at the beginning of January.

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Bitcoin (BTC) Loses 1.13% Overnight; Value Falls Below $7300

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Bitcoin has been down by 1.13% over the last 24 hours, and it has shown three major price swings in the range of 7382 USD and 7175 USD. It is expected that Bitcoin may take things slower from now on.

Bitcoin Price Prediction

Bitcoin opened the day near 7315 USD, and over the next 4 hours and 37 minutes, it gained 0.91% and got placed at 7382.33 USD. It was followed by a huge decline in the value. Between 04:44 UTC and 17:59 UTC, Bitcoin fell by 2.80% and touched the lowest point of the day at 7175.77 USD. The last swing of Bitcoin happened between 17:59 UTC and 01:22 UTC today and in these 7 hours and 22 minutes, Bitcoin managed a hike of 0.83% that added 59.65 USD and pushed the value to 7235.42 USD.

BTC Price Prediction

There has been a marginal increment in the market cap of Bitcoin. Yesterday, the market cap was at 131.696 billion USD, and today, it has been increased to 131.829 billion USD.

Bitcoin’s 20 days MA stands at 7351.55 USD, and it’s 50 days MA is now at 8207.4 USD. The current price at 7232.98 USD is 11.87% and 1.61% less than the 50 days and 20 days moving averages, respectively. BTC’s next halt may come at 7386.08 USD in the coming few days as its next resistance.

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China Continues to Dominate Global Bitcoin Mining, But for How Long?

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New research shows that China’s dominance of the total Bitcoin hash rate continues to grow. The nation reportedly now accounts for around 66 percent of all the computing power supporting the Bitcoin network at present.

China has historically been the leader in global Bitcoin mining. However, with large mining operations coming online in the US and Russia in 2020, the industry this time next year might look quite different.

Two Thirds of Bitcoin Mining Happens in China, Says Report

A report by CoinShares, cited by Reuters, claims that Bitcoin miners located in China now control around 66 percent of the total network hash rate. Hash rate is a way of describing the amount of computing power supporting the network.

Total network hash rate has been rising rapidly during 2019. NewsBTC has reported several times about new all-time highs in terms of the amount of computing power supporting the Bitcoin network. With mining interests investing heavily in hardware, it’s clear that Bitcoin miners are confident in the future of the digital currency.

Chris Bendiksen, the head of research at CoinShares, attributes the rising hash rate to Chinese miners deploying higher powered hardware sooner that those located in other countries. Three of the largest manufacturers of mining hardware are from China: Bitmain, MicroBT, and Canaan. Despite how opaque the industry is it seems fair to conclude that a large proportion of the most cutting-edge mining hardware will be deployed in China first.

Although the mining industry in China is growing faster than in other nations, there are large operations in the works that allow other nations to catch up by this time next year. New mega mining farms are being planned in both the US and Russia at the moment.

Bitmain itself has just opened a huge mining operation in the state of Texas. The facility currently has a total capacity of 50MW. However, the Chinese mining giant says it has plans to increase this to 300MW at a later date.

Similarly, Layer 1, a San Francisco-based startup, also plans to launch a mining operation in Texas. This effort seeks to lower the mining industry’s dependence on firms like Bitmain by developing its own cutting-edge hardware and cooling systems.

Meanwhile, the Russian Mining Company (RMC), owned by the nation’s internet ombudsman also has plans to create a vast new operation in the province of Karelia. CEO of RMC, Dmitry Marinichev, claims that the new facility will command around a fifth of Bitcoin’s total hash rate when it is completed.

Meanwhile, the Russian Mining Company (RMC), owned by the nation’s internet ombudsman also has plans to create a vast new operation in the province of Karelia. CEO of RMC, Dmitry Marinichev, claims that the new facility will command around a fifth of Bitcoin’s total hash rate when it is completed.

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Bitcoin technical analysis: BTC/USD bears have forced a devastating daily closure below flag pattern

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  • Bitcoin price is trading in minor positive territory, up some 0.35% in the second half of the session. 
  • BTC/USD price action broke out and closed below a bearish flag via the daily chart view.
  • The next major daily support is eyed at psychological $7000 down to $6800 range. 

BTC/USD 60-minute chart

Price action is moving within a near-term bearish flag structure, to suggest another break south may be around the corner. 

BTC/USD daily chart

The price is trading just below a bearish flag structure, which leaves it vulnerable to further potential downside for now. 

Spot rate:                  7,387.68

Relative change:      +0.35%

High:                          7266.01

Low:                           7177.92

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Source: fxstreet

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