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Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds

Analysts believe bitcoin is likely to surge past $9,000 in near future as upwards momentum builds

Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds

Analysts believe bitcoin is likely to surge past $9,000 in near future as upwards momentum builds

The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed bitcoin to set fresh year-to-date highs in the mid-$8,000 region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher.

Analysts now believe that bitcoin is likely to surge into the $9,000 region in the near-future, which may be sparked as soon as BTC surges past its current resistance level around $8,200.

bitcoin Once Again Nears Key $8,000 Region 

At the time of writing Bitcoin is trading up nearly 2% at its current price of $7,950, up from its daily lows of $7,700.

Over the past week, BTC has incurred some choppy trading that has caused it to trade between a wide range between roughly $7,000 and the lower-$8,000 region, with support existing at the former price and resistance at the latter.

bitcoin’s upwards momentum that has allowed it to climb from yearly lows of just above $3,000 towards its current price levels have been overwhelmingly bullish, and has persisted in the face of several somewhat negative revelations, including the New York Attorney General’s accusations of fraud against Tether/Bitfinex, and yesterday’s delay of the VanEck/SolidX bitcoin ETF application.

Currently, the next level of resistance that BTC must surge above exists around $8,200, and if this level is broken, the cryptocurrency may surge to fresh year-to-date highs around $9,300.

UB, a popular crypto analyst, discussed this possibility in a recent tweet, explaining that he believes BTC will surge towards $9,500 in the near future.

“$BTC – I’m long. – ETF delayed. – Range Low reclaimed on LTF (Must continue to hold for LTF bullish argument). I’d like to see the EQ reclaimed as support ASAP. The next test of ~$8.2k will be the 7th Test. I believe we make our way to $9.3k – $9.5k next,” he explained.

Analyst: A Break Above Lower-$9,000 Region Would Lead to Significantly Further Gains for BTC 

It now appears that the lower $9,000 region is bitcoin’s monthly resistance level, which means that it will require a significant amount of buying pressure to be broken above.

Josh Rager, a popular crypto analyst on Twitter, discussed this in a recent tweet, explaining that a break above the aforementioned monthly resistance would provide a significant amount of strength for bitcoin’s bulls.

“$BTC 1M Chart: bitcoin breaking through multiple monthly horizontal resistances this month & it hasn’t looked back yet. A break above this level puts the next monthly resistance near $9200+ & weekly resistance at $9600. After these resistance areas break – watch out for bulls,” Rager noted.

As the week continues on and Bitcoin continues to struggle to gain its footing within the lower-$8,000 region, it is highly likely that traders and analysts alike will gain a better understanding of just how high BTC may surge in the coming weeks and months.

Featured image from Shutterstock.

Published at Tue, 21 May 2019 22:00:55 +0000

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Asicboost: bitmain to respond ‘soon’ to exploit accusations

ASICBOOST: Bitmain to Respond ‘Soon’ to Exploit Accusations

Bitmain CEO Jihan Wu has vowed to respond ‘soon’ to accusations the miner is exploiting a bitcoin vulnerability to manipulate mining.

Bitmain, Vulnerability Outing ‘Huge SegWit Confidence Boost’

A “covert” use of so-called ASICBOOST technology was circulated to the Core mailing list by contributor Greg Maxwell Wednesday. This would allow “a major manufacturer” to unfairly profit from centralization.

While Bitmain was not named by Maxwell, community sources subsequently confirmed the company’s involvement.

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Maxwell wrote:

Exploitation of this vulnerability could result in payoff of as much as $100 million USD per year at the time this was written (Assuming at 50% hash-power miner was gaining a 30% power advantage and that mining was otherwise at profit equilibrium).  This could have a phenomenal centralizing effect by pushing mining out of profitability for all other participants, and the income from secretly using this optimization could be abused to significantly distort the bitcoin ecosystem in order to preserve the advantage.

The Core developer also proposed solutions to prevent the attack becoming a major problem, in a move praised by Tone Vays as “a huge confidence boost” for the SegWit supporters.

Wu: Bitmain Statement ‘Soon’

Wu meanwhile stated Bitmain would provide a statement “soon.”

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Previously, suspicion had already fallen on the bitcoin Unlimited supporter, with community members noting he had deleted tweets about ASICBOOST. They added Wu’s BU support could be linked to the Bitmain operation.

While ASICBOOST was originally invented by Sergio Lerner among others, who also contributes to SegWit concepts, Maxwell stated that none of the technology’s creators were “aware” of the exploit.

“Reverse engineering of a mining ASIC from a major [manufacturer] has revealed that it contains an undocumented, undisclosed ability to make use of this attack. (The parties claiming to hold a patent on this technique were completely unaware of this use.),” he continued.

On the above basis the potential for covert exploitation of this vulnerability and the resulting inequality in the mining process and interference with useful improvements presents a clear and present danger to the bitcoin system which requires a response.

In Summer 2016, KnCMiner declared bankruptcy over the bitcoin block reward halving causing them unsustainable overheads.

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The firm had previously been taken to court in its native Sweden by customers complaining over delays and defects with its products.

The startup had meanwhile raised over $32 million in investment.

What do you think about Greg Maxwell’s post? Let us know in the comments below!

Images courtesy of Twitter, Shutterstock

The post ASICBOOST: Bitmain to Respond ‘Soon’ to Exploit Accusations appeared first on Bitcoinist.com.

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