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Bitcoin Surges: BTC Price Prediction Indicates 10% Hike Ahead

Bitcoin tumbled after Semafor reported the DoJ may charge Binance with fraud
Bitcoin tumbled after Semafor reported the DoJ may charge Binance with fraud

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For the better part of Monday, Bitcoin price was trading between $25.75k and $26k. The coin was trading sideways over the weekend between these two levels. However, come Sunday evening, Bitcoin started seeing sharper fluctuations, as its price started going from the mentioned support to a resistance at $26,000.

This behavior continued on Monday, and as the day progressed, the coin eventually broke the support, crashing down to $25,000, possibly as a consequence of the FTX court filing.

Fortunately, the support at $25k managed to keep the price from sinking further, but BTC found a new resistance at $25.25k.

The situation improved with the arrival of Tuesday, as Bitcoin managed to make a full recovery and surge back up to $25.88k before dropping to $25,672, which is where it sits at the time of writing.

Experts now believe that BTC will remain between $25.5k and $26.5k, as many seem to be buying near the support while selling when the coin approaches the resistance.

Chart 1 Bitcoin Sep 12

David Marcus, the co-founder of PayPal, recently shared his thoughts on the future of Bitcoin, noting that he doesn’t think that BTC will ever become a popular or common payment method.

The Bitcoin bull’s comment may seem surprising, mainly since he now serves as the CEO of Lightspark, a firm building Bitcoin’s lightning network. However, this network is what he believes to be the path to the future of BTC.

In his recent interview, he noted:

Our view is actually that Bitcoin is not the currency that people will use to buy things.

The entrepreneur stressed that Bitcoin LN is intended to make transactions faster, cheaper, and more practical for small payments.

Now, the company intends to make it a universal protocol for money on the internet, not unlike how texting became the universal method of communication. However, he said that currencies transferred over the network would still be fiat currencies that are being used today.

FTX unveils crypto holdings: Failed exchange holds $560 million in BTC

In a new court filing seen yesterday, September 11, it was disclosed that FTX, a formerly respected crypto exchange that filed for bankruptcy in November 2022, amassed $7 billion in assets.

The filing revealed that about half of that amount is in cryptocurrency, including $560 million in Bitcoin, while $1.16 billion is in Solana.

The news could mean trouble for SOL and BTC, as both started seeing negative price movement after the revelation.

Meanwhile, the coin’s 1H chart shows bullish signs. Analysts have reported inverse head and shoulder patterns, ideally between 10 a.m. and 10 p.m. EST.

This would have been a bearish confirmation if BTC traded within the bearish rectangle on the chart below. However, they also noted that the price pump arrived late, so traders should remain alert.

Chart 2 Bitcoin Sep 12

Bitcoin BSC is rapidly hitting milestones

Last week, Binance Smart Chain got a new token, which entered presale — Bitcoin BSC (BTCBSC). The project offers a BEP-20 version of Bitcoin, but not the BTC we know today. This is BTC as it was in 2011 when its price was only $0.99.

Once it enters circulation, it will allow users to stake their BTC and earn similarly as they would if they mined the coin over 12 years ago. BTCBSC can be bought with BNB, ETH, and USDT.

So far, it already raised over $1.23 million, targeting a soft cap of $3.96 million.


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