{"id":562815,"date":"2020-07-26T13:56:31","date_gmt":"2020-07-26T11:56:31","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=562815"},"modified":"2020-07-26T14:20:37","modified_gmt":"2020-07-26T12:20:37","slug":"bitcoin-breaks-10k-and-3-weeks-before-one-btc-prediction","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-breaks-10k-and-3-weeks-before-one-btc-prediction\/","title":{"rendered":"Bitcoin Breaks $10K and 3 Weeks Before One BTC Prediction"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin has bulldozed the $10K psychological price level before dropping back to $9,900.\u00a0<\/strong><\/li>\n<li><strong>This move by Bitcoin had been predicted by Timothy Peterson of Cane Island Alternative Advisors.\u00a0<\/strong><\/li>\n<li><strong>His prediction had set a mid-August date for Bitcoin breaking $10K.<\/strong><\/li>\n<li><strong>BTC has achieved this feat 3 weeks ahead of schedule.\u00a0<\/strong><\/li>\n<li><strong>The VISA, Mastercard, Paypal and OCC news could be behind Bitcoin&#8217;s bullishness.<\/strong><\/li>\n<\/ul>\n<p>Sundays are usually slow days in the crypto markets with many traders expecting sideways movement from <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a> (BTC) <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-needs-to-follow-through-or-risk-a-head-fake-bollinger\/\" target=\"_blank\" rel=\"noopener noreferrer\">or a catastrophic dip<\/a>. However, Bitcoin has done the opposite only moments ago when BTC wicked hard from the $9,700 price level to $10,115 &#8211; Binance rate.<\/p>\n<p>With this quick move, Bitcoin has broken the psychological price level of $10,000. However, the King of Crypto has since dropped down to $9,970 as crypto traders attempt to figure out BTC&#8217;s next move.<\/p>\n<h2>A $10K Bitcoin Had Been Predicted, But by Mid August<\/h2>\n<p>The exciting move by Bitcoin above $10,000 <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-could-reclaim-10k-in-49-days-crypto-analyst\/\" target=\"_blank\" rel=\"noopener noreferrer\">had been predicted<\/a> by Timothy Peterson, an Investment Manager at Cane Island Alternative Advisors. Mr. Peterson had predicted that BTC would retest $10,000 by mid-August. His prediction was based on his use of Metcalfe&#8217;s law. He made this prediction on July 1st via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/10KCountdown?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#10KCountdown<\/a> is inspired by this price prediction from a popular (but not knowledgeable) bitcoiner.  Using Metcalfe&#39;s law, I will show how predictable bitcoin&#39;s price is (within statistical margins).  We&#39;re 49 days away. <a href=\"https:\/\/t.co\/VBnvNzsB0i\" rel=\"nofollow\">pic.twitter.com\/VBnvNzsB0i<\/a><\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1278394246211547141?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 1, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Metcalfe&#8217;s law is <a href=\"https:\/\/en.wikipedia.org\/wiki\/Metcalfe%27s_law\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">usually used<\/a> in the telecommunications industry and states that the effect of a telecoms network is proportional to the square of the number of connected users of the system. Mr. Perteson has expanded this law to analyze Bitcoin and has even published <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3078248\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">a research paper<\/a> about it.<\/p>\n<p>He has since provided a glimpse of how he uses it to calculate Bitcoin&#8217;s value via the following tweet only hours ago.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/10KCountdown?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#10KCountdown<\/a> demonstrating that Metcalfe&#39;s Law determines bitcoin&#39;s value (and <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#ethereum<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/chainlink?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#chainlink<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/twitter?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#twitter<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/facebook?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#facebook<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/google?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#google<\/a>, and the internet, and <a href=\"https:\/\/twitter.com\/hashtag\/apple?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#apple<\/a>&#8230;) <a href=\"https:\/\/t.co\/BH4WsLXrVW\" rel=\"nofollow\">pic.twitter.com\/BH4WsLXrVW<\/a><\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1287326480326950912?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 26, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>What Next for Bitcoin (BTC) in the Crypto Markets?<\/h2>\n<p>Bitcoin&#8217;s surge above $10K has returned BTC to pre-Covid19 levels last seen in late February. To note is that the CME Bitcoin futures are still paused at Friday&#8217;s price of $9,600. Additionally, the CME futures expire this Friday, 31st July. Therefore, judging by past situations where there is a CME gap, Bitcoin will eventually dip down and fill it. To get a feel as to when this might happen, it is worth looking at the daily BTC\/USDT chart.<\/p>\n<figure id=\"attachment_562817\" aria-describedby=\"caption-attachment-562817\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th.jpg\"><img class=\"wp-image-562817 size-large\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-1024x494.jpg\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-1024x494.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-300x145.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-770x371.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-240x116.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-717x346.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th-150x72.jpg 150w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/07\/BTCUSDT-July-26th.jpg 1051w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><figcaption id=\"caption-attachment-562817\" class=\"wp-caption-text\">Screenshot courtesy of Tradingview.com<\/figcaption><\/figure>\n<p>From the daily Bitcoin chart, the following can be observed.<\/p>\n<ul>\n<li>Bitcoin&#8217;s price at $9,970 is above the 50-day, 100-day and 200-day moving averages, thus pleading the case for a bullish environment.<\/li>\n<li>MACD has crossed in a bullish manner around the baseline pointing that Bitcoin could continue pushing higher to retest $10,115.<\/li>\n<li>However, the daily MFI is high at 80 pointing to future sideways movement or a retracement.<\/li>\n<li>The mentioned moving averages provide adequate support at $9,300, $9,050 and $8,600 respectively.<\/li>\n<\/ul>\n<p>Furthermore, Bitcoin could remain in bullish territory as a result of the news of VISA, Mastercard and Paypal planning on supporting crypto transactions. Additionally, the news of US banks being greenlighted to offer crypto custody solutions will provide much-needed fuel for BTC to rebound if it drops to fill the CME gap.<\/p>\n<p>As with all analyses of Bitcoin, stop losses and low leverage are advised when trading BTC during volatile times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bitcoin has bulldozed the $10K psychological price level before dropping back to $9,900.\u00a0 This move by Bitcoin had been predicted by Timothy Peterson of Cane Island Alternative Advisors.\u00a0 His prediction had set a mid-August date for Bitcoin breaking $10K. BTC has achieved this feat 3 weeks ahead of schedule.\u00a0 The VISA, Mastercard, Paypal and OCC news could be behind Bitcoin&#8217;s bullishness. Sundays are usually slow days in the crypto markets with many traders expecting sideways movement from Bitcoin [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":561507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/562815"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=562815"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/562815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/561507"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=562815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=562815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=562815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}