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Bitcoin Drop To $6,100 Might Just Kick-Off A Rally To $20,000 And Beyond

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Bitcoin Could Rally To $20,000 Into 2020


Bitcoin (BTC) may have lost over 10% in the past 24 hours, but one analyst is saying that this sets up the asset’s chart nicely. In a recent eye-opening tweet, popular analyst Filb Filb, known for his astute market observations (he predicted the rally to $5,000), posted the two charts, seen below.

As he points out, Bitcoin’s current inverse chart looks eerily similar to the same chart seen from late-2014 to 2016, during which BTC capitulated, traded in an accumulation range for months, broke out above the level, and threw back to a key support level. If history rhymes to a tee, BTC will further bounce from here to trade between $6,000 and $8,000 for a number of months, then skyrocket to new heights as the block reward halving arrives in mid-2020. In fact, if history is followed, 2020 will be when the next parabolic run is started, during which some analysts estimate that Bitcoin could breach $100,000 apiece.

Filb, for those unaware, has made a number of calls of a similar nature. Earlier this year, Filb posted two charts.

The first chart showed an inverse BTC (up means lower, down means higher) from the July to December period. During this time, the cryptocurrency held tight in the $6,000 range, save for one midsummer spike that brought BTC to $8,500, prior to tumbling below $5,000 to the $3,200 December low that many investors vividly remember. The second chart depicted BTC’s price action following the $6,000 to $3,000 move.

Although these two periods seemingly had no correlation, Filb noted that there are eerie similarities in the shape of the price action, along with the time that elapses with each move. As Filb then predicted and as we know now, what followed was a massive spike in the BTC price.

Crypto Winter Is Over

No matter of what happens from here, many are decidedly sure that “crypto winter” is finally over, even with Friday’s move in mind. Speaking to CoinTelegraph recently, Naeem Aslam, the chief market officer at Think Markets, explained that “spring” is here. Aslam simply looks to the fact that Bitcoin has touched the $8,000 price point, which he calls “critical” and thinks could “open the door” to $10,000 and beyond.

Aslam goes on to state that he also believes that the influx of positive fundamental news corroborates the theory that the bear market is over. He looks to things like IBM, Deloitte, and other large corporations jumping into the cryptocurrency game, whether it be Bitcoin (Microsoft) or Ethereum (Samsung, etc.) or a separate chain (Facebook).

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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