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Game Over for Bitcoin (BTC)?

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The researchers from Renaissance Macro Research have recently stated that Bitcoin (BTC) might be done for if its price goes under the year-to-date support level. If this crucial barrier is broken, BTC will suffer a permanent damage.

Bitcoin is in a very bad place right now

New reports from the financial analysis firm called Renaissance Macro Research, Bitcoin is currently facing far more serious issues than it might seem at first. After years and years of prices going up and down, a lot of people would say that the current fluctuations are no different. However, the experts believe that the situation may be direr than ever before.

Renaissance Macro Research believes that Bitcoin is currently facing a large existential crisis. They also stated that the coin’s year-to-date support level is softening each of its falls, and preventing the coin from suffering irreversible damage. However, if BTC were to go below this level, it might never be able to reach its full potential.

Recently, there has been a lot of activity for Bitcoin, starting with a rally in July that brought the coin’s value back to $8,400 for the first time in weeks. However, while this seemed like a beginning of a serious bull run, BTC fell under $7,000 only days after. The reason for this is believed to be the announcement left by the US SEC, which has stated that the BTC ETF decision will be delayed once more. The confirmation of this decision came only a few days ago, and since then, BTC fell even more. Now, it is lower than it has been in months, with a price of $6,140.43 per coin.

Is this the end of Bitcoin?

While many believe that the situation couldn’t get much worse, analysts believe that what we have experienced so far might only be the tip of the iceberg.

Jeff deGraaf, the head of technical research at Renaissance, stated that his recommendation is to only take short positions on Bitcoin if the year-to-date support level gets breached. He spoke with clients this Thursday and stated that the parabolic moves can be extremely dangerous, especially for short-sellers.

He also said that a top can often develop, and things seemingly look like a descending triangle. This situation can go on for months, and it can often result in lower volatility. However, when the top is complete when it comes to the violation of support levels, the security might become impaired permanently. In many cases, this is a pure ‘game over’, and Bitcoin is approaching this situation right now.

On the other hand, there are numerous analysts that are urging the crypto community to calm down, and not overreact regarding the SEC’s decision delaying. Some even claim that the creation of a new crypto platform, Bakkt, is the right thing to focus on right now.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

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