The total crypto market cap is facing a strong resistance near the $220.0B level.Bitcoin price is also trading below a crucial resistance area near the $8,500 level.EOS price failed to hold the $3.000 support and declined below $2.950.Binance Coin (BNB) is declining and it might test the $15.00 support area.BCH price struggled to clear the $235 resistance and it is currently trading towards the $220 support.Tron (TRX) price is down more than 5% and it broke the $0.0140 support area.The crypto market cap and bitcoin (BTC) are facing important resistances. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are currently declining.Bitcoin Cash Price AnalysisThere was an upside correction in BCH price above the $225 and $230 levels against the US Dollar. However, the BCH/USD pair struggled to clear the $235 resistance level and recently started a fresh decline. It broke the $230 level and it is currently trading just below $225.It seems like the price might test the $220 level. Any further losses could push the price towards the $205 support area in the near term. On the upside, the main resistance is near the $235 level.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price rallied sharply earlier this week and broke the $3.000 resistance area. The price tested the $3.100 level and recently started a downside correction below the $3.000 level. It seems like the price may perhaps correct further lower and test the $2.850 support area.Tron price surged more than 10% and climbed above the $0.0145 level. However, TRX price failed to continue higher and recently corrected more than 5% below $0.0142. The price is now trading below $0.0140 and it might test the $0.0138 support level.Binance coin (BNB) corrected above the $16.00 level, but it struggled to surpass the $16.20 resistance area. BNB price is now trading below $16.00 and it could test the $15.25 or $15.00 support in the coming sessions. On the upside, the main resistance for the bulls is near the $16.20 level.Looking at the total cryptocurrency market cap 4-hours chart, there was a minor upside correction from the $200.0B support area. However, the market cap failed to climb above the $220.0B resistance area. There is also a connecting bearish trend line forming with resistance near $220.0B on the same chart. Therefore, a clear break above the $220.0B resistance is needed for a decent upward move. If not, there could be another decline in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.
Archives for October 1, 2019
Bitcoin hasn’t had the past ten days. Since the Sunday before last, the price of the cryptocurrency has shed some 15%, leaving many traders stumped as to what in the world took place to send digital assets plummeting.Cynics of the Bitcoin market have suggested that the rally to $14,000 and the subsequent dump was “one final pump and dump” enacted by whales. Gold proponent Peter Schiff, for instance, claimed that this move is a precursor to a plunge to $4,000, potentially lower.But, data has shown that it isn’t these whales causing Bitcoin’s recent volatility, it’s the short-term traders presumably looking to make a quick buck.Bitcoin Drop Led by TradersCoinmetrics recently published to Twitter a chart that tracked the “change in the number of Bitcoin by price at time of last on-chain movement” for September 20th to 29th.As seen below, the industry analytics startup found that during the recent price decline, “there was activity from Bitcoin that last moved when prices were between $13,000 and $20,000”, implying that capitulation for those in the red “is complete”.There were other optimistic signs. Two, in fact.Firstly, quite heavy selling from Bitcoin last moved in the $10,000 to $12,000 range hints that the sell-off was a byproduct of “short-term traders that have weak long-term conviction”.And secondly, as there was little profit-taking from long-term holders that accumulated under $8,000, meaning that this subset’s “bull market psychology remains unchanged.” Cryptocurrency analytics firm Glassnode has corroborated this analysis. They found that the average age of moved coins over recent days “is between 20-30 days”, while the CoinDays Destroyed metric “hasn’t deviated significantly”.This data can be interpreted as a sign that the “[price drop] was likely due to short-term holders,” which is partially proven by the massive volumes seen on BitMEX and other high time preference exchanges during this move lower.According to #onchain metrics, #Bitcoin‘s recent drop to $8k doesn’t seem to have been caused by long term holders.The average age of moved coins is between 20-30 days & CDD hasn’t deviated significantly.This was likely due to short term $BTC holders.https://t.co/GyiQGuZUJY pic.twitter.com/cjix8bOiBM— glassnode (@glassnode) September 27, 2019Related Reading: Bitcoin Falls Below Stock-to-Flow Model, Will The Halving Be Front Run By Bulls?The Accumulation GameShort-term traders may have run for the hills, but HODLers, on the other hand, have been sticking to their guns.According to an analysis completed by Twitter account “BitcoinEconomics.io”, accumulation by addresses it deems “companies”, “retail holders”, and “big holders” has been on a steady uptrend, even throughout the recent bout of volatility. They claim that this is a sign that the “outlook for Bitcoin looks great”.The outlook for Bitcoin looks great:Steady retail adoption. Companies and big holders accumulating more. 45% retired hodlers inbetween that do not accumulate anymore but only sold 5%.Note the extreme 500k BTC pump and dump from April to August 2019. pic.twitter.com/CTbg43qQHn— BitcoinEconomics.io (@BitcoinEcon) October 1, 2019What all these investors seem to be waiting for is Bitcoin’s next block reward reduction — known as a “halving” or “halvening”. You see, in May 2020, the issuance (inflation) of BTC will be cut in half as a result of baked-in facets of the Bitcoin protocol. Analysts say that this halving event, which equates to a negative supply shock, will boost BTC to fresh heights.Due to this potential for upside, or at least the hype surrounding this narrative, investors are believed to be stacking satoshis (as they fondly call the game of Bitcoin accumulation) in anticipation of price upside.Whether or not that upside comes to fruition, however, remains to be seen. But many sure seem to be betting on it.Related Reading: Rejected? Bitcoin Price Attempts to Break Back Above Vital Moving AverageFeatured Image from Shutterstock
Ripple price failed to break the $0.2620 resistance and declined recently against the US dollar.The price is currently trading near the $0.2450 support and is struggling to bounce back.There is a short term bearish trend line forming with resistance near $0.2510 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely to extend its decline and it could revisit the $0.2350 support area in the near term.Ripple price is trimming yesterday’s gains against the US Dollar and bitcoin. XRP price is likely to test the $0.2350 support before it could climb again.Ripple Price AnalysisYesterday, ripple price gained more than 10% and climbed above the $0.2500 resistance against the US Dollar. The XRP/USD pair even broke the $0.2550 resistance and the 100 hourly simple moving average. Finally, there was a break above the $0.2600 level. However, the price struggled to clear the $0.2620 resistance. A high was formed near $0.2618 and the price started a fresh decline.It broke the $0.2550 support level. Moreover, there was a break below the 50% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high. At the moment, the price is testing the key $0.2450 support area and the 100 hourly SMA. Furthermore, the 61.8% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high is providing support.Having said that, it seems like the price might continue to decline below the $0.2450 support. The main support on the downside is near the $0.2350 level. An intermediate support is near the $0.2420 level, plus the 76.4% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high. On the upside, an immediate resistance is near the $0.2500 level.More importantly, there is a short term bearish trend line forming with resistance near $0.2510 on the hourly chart of the XRP/USD pair. A break above the trend line resistance could push the price towards the $0.2600 and $0.2620 resistance levels. The main resistance is near the $0.2650 level, above which the price might climb towards $0.2850.Looking at the chart, ripple price is clearly trimming gains and is struggling to hold the $0.2450 support. Therefore, there are chances of more downsides towards the $0.2350 support area. If the bulls fail to defend the $0.2350 support, there could be a sharp dip to $0.2150.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is sliding and is well below the 50 level.Major Support Levels – $0.2450, $0.2410 and $0.2350.Major Resistance Levels – $0.2510, $0.2600 and $0.2620.
Crypto wallet and data provider Blockchain has picked up a veteran in the traditional finance space.
Howard Surloff has joined the crypto firm as the first general counsel to join Blockchain’s executive team. Also on the executive team is the company’s president and chief legal officer, Marco Santori.
Surloff comes with a combined 25 years of executive experience at BlackRock and Goldman Sachs, according to a Blockchain press release.
While Surloff has spent his entire life in traditional finance, he believes he’s equipped to help blaze a trail in the crypto-regulatory frontier. “The verticals I worked in were essentially startups with each organization,” Surloff told CoinDesk in an email.
Surloff had held positions like deputy general counsel and global chief operating officer at BlackRock’s ETF arm, iShares. He also served on several of the firm’s key committees and helped navigate BlackRock through 13 acquisitions.
Before BlackRock, he oversaw the legal strategy and structure of more than 1,000 investment products as managing director and general counsel for Goldman Sachs. These included U.S. mutual funds, hedge funds, private equity funds, derivatives and money market funds, among others.
Blockchain serves individuals and institutions and recently launched a crypto exchange with microsecond trading, called The PIT. The company raised more than $70 million from investors like Lightspeed Venture Partners and Google Ventures. Late last year it hired Springleaf Holding’s Macrina Kgil as chief financial officer.
Surloff said that there is more real-world utility to crypto than being a new investment vehicle:
“Whether it’s a little thing like paying back a friend or transferring money across the world without intermediaries, the applications are massive.”
CEO Peter Smith and General Counsel Howard Surloff image via Blockchain
ETH price started an upside correction and tested the $185 resistance against the US Dollar.The price is currently correcting lower, but it remains supported near $175 and $172.There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD (data feed via Kraken).The price remains well supported on dips near the $172 and $170 levels in the near term.Ethereum price is showing positive signs above versus the US Dollar, while consolidating vs bitcoin. ETH price is likely to break the $185 resistance as long as it is above $170.Ethereum Price AnalysisYesterday, we saw a decent upward move above the $172 and $175 resistances in Ethereum against the US Dollar. ETH price even settled above the $175 level and the 100 hourly simple moving average. Moreover, it traded above the $180 level and tested the key $185 resistance area. A swing high was formed near $185 before the price started a downside correction.There was a break below the $180 level. Moreover, the price traded below the 23.6% Fib retracement level of the last wave from the $165 low to $185 high. At the moment, the price is trading near the $175 support area and the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $165 low to $185 high is providing support near $175.If there are more downsides, the next key support is near the $172 level. An intermediate support is near the 61.8% Fib retracement level of the last wave from the $165 low to $185 high. Finally, there is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD. Therefore, Ethereum remains well supported above the $170 level in the near term.On the upside, the $185 level is a strong resistance. Once there is a close above the $185 level, the price is likely to accelerate higher towards the $195 and $200 resistance levels in the near term. Conversely, a close below the $170 level might push the price back towards the $165 level.Looking at the chart, Ethereum price is currently correcting the recent upward move from $165. However, there are key supports near $172 and $170. As long as there is no close below $170, the price is likely to climb higher. A clear break above $185 is needed for a solid run towards the $200 level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.Major Support Level – $172Major Resistance Level – $185
Major Libra backers Visa and Mastercard are second-guessing their participation in the Facebook-led digital payments project, the Wall Street Journal reported today.
Against a global regulatory blasting of the proposed cryptocurrency, the financial services pair and unnamed other companies are balking at Facebook’s call for a unified front. The Journal says that few want to boost the project publicly — leaving Facebook to defend Libra itself
Libra has been a favorite target of world financial regulators since its announcement. European Central Bank members said it could destabilize the euro; China’s crypto czar called it potentially “unstoppable;” and US Congressional Representatives have called for an outright freeze on its development.
Now, members of the Libra Association will meet on Thursday in Washington, D.C. It was not immediately clear what the meeting will be about; the members are scheduled to discuss Libra’s charter in mid-October.
David Marcus, who co-created Libra, took to twitter almost immediately defend Facebook’s crypto project.
2) change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else;
— David Marcus (@davidmarcus) October 1, 2019
“We’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront,” he wrote.
“Change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else.”
Prior to its launch, Bakkt’s physically settled Bitcoin futures product was seen by many cryptocurrency investors as a potential major catalyst for next major BTC bull run, but its lackluster launch has come about concurrently with a bout of capitulation within the aggregated crypto markets.One prominent research group is now noting that Bakkt may have actually been a driving force behind the recent drop in the crypto markets, as its low initial trading volume may have come as a significant disappointment to many investors.Bitcoin Struggles to Reverse Recent DowntrendThis past week, Bitcoin plummeted to lows of $7,800 before finding a significant influx of buying volume that helped to propel its price into the mid-$8,000 region.Although Bitcoin has been able to find support at its recent lows and is showing signs of potentially extending its newfound upwards momentum, it is important to keep in mind that the crypto is still trading down significantly from its recent highs of well over $10,000.One technical factor that may have contributed to its recent downtrend was the large multi-month descending triangle that Bitcoin had been trading in throughout the summer months, which was a prominent bearish formation.It is also important to note that Binance Research – the research and analytics wing of the popular crypto exchange – noted in a recent blog post that the exchange’s OTC trading desk saw heavy sell flows throughout the month of September that were more significant than those seen in previous months.“Our OTC desk predominantly saw sell flows, even more so than in recent months… It hasn’t been long since BTC dropped to $8,000, but there weren’t many traders looking to ‘buy the dip,’” they explained.Binance Research: Bakkt Contributed to Recent BTC DropThe research arm of Binance also believes that the disappointment that ensued after Bakkt’s launch was a primary factor behind the recent drop.“One possible reason, explaining Bitcoin’s price drop, could be the general indifference towards the much-hyped release of Bakkt, as BTC prices dropped over $1,000 a day or so after trading began,” they explained, further adding that this could be a “buy the news, sell the rumor phenomenon.”The research group does note that they expect Bakkt’s trading volume to increase in the near-future, but it is likely that the platform’s near-term impact on the crypto markets will be null.Featured image from Shutterstock.
One of the founders of the crypto asset mining marketplace NiceHash has been arrested in Germany. Along with three other individuals, Matjaž “Iserdo” Škorjanc faces charges relating to various frauds and his involvement in the dark web crime forum Darkode.He was arrested at the request of US authorities last week. If found guilty, Škorjanc could face up to 50 years in prison.Crypto Exec Wanted in the US Since 2011According to Slovenian news publication 24UR, German authorities have arrested a Slovenian individual for his involvement in numerous computer frauds, along with helping to operate a dark web forum for criminals to organise and share methods. Matjaž Škorjanc was detained last week following a US arrest warrant demanding his extradition. He was reportedly apprehended by police at a road block.Škorjanc founded and served as the CTO for the crypto asset mining company NiceHash. Despite being mysteriously hacked for $65 million in late 2017, the company still exists today. Following the hack, the crypto mining service pledged to pay all affected customers’ coins back. NiceHash appears to be making good on its promise although it is taking a long time. The company announced in late September its 21st instalment of its reimbursement programme. With it, NiceHash will have now paid back 80 percent of the crypto assets lost. According to the local news report, Slovenian authorities are still investigating the hack and the culprit has not been found.Convicted Mariposa botnet author and alleged Darkode cybercrime forum founder Matjaž “Iserdo” Škorjanc arrested in Germany on US extradition warrant. USG wants to try him for a crime he was convicted of in Slovenia, plus Darkode-related charges https://t.co/JgSUCHUGA8 pic.twitter.com/YoDSvDxunQ— briankrebs (@briankrebs) October 1, 2019However, the charges against Škorjanc for which he was arrested last week are nothing to do with his involvement in the crypto company. The US wants the Slovene, along with a group of others, for criminal association and fraud orchestrated via the Darkode forum, which closed in 2015. The individuals named as being wanted by the US are a second Slovene, Mentor Leniqi; Spanish national, Florence Carr Ruiz; and US citizen, Thomas McCormick.The report in Slovenian news estimates that the crypto executive, along with the three others wanted on similar charges, were responsible for $4.5 million worth of damages between 2008 and 2013. If found guilty, they will reportedly face up to 50 years in prison each.The recent arrest warrant is not the first time Škorjanc has been wanted in the US. In 2011, US authorities requested his extradition for his involvement in the Mariposa botnet that infected millions of computers globally. However, he was tried in his native Slovenia and was sentenced to almost five years in prison. He has, however, already served this sentence. Related Reading: A Royal Bitcoin Request? Scammers Pray on Britain’s Brexit FearsFeatured Image from Shutterstock.
It was a long time coming, but it happened: Block.one, the company behind EOS, settled with the U.S. Securities and Exchange Commission (SEC) for selling an unregistered security with its allegedly $4 billion (yes, that’s 4 with 12 zeros!) token sale. The sum total penalty? $24 million dollars.
That’s it. $24 million for EOS to effectively wash its hands of the unregistered token sale. While this settlement does not preclude action by other U.S. agencies or private lawsuits, the civil penalty is effectively an after-the-fact, pay-to-play fine, one that does not impede Block.one’s control over EOS, demand the company to disgorge any of its profits from the sale or ask that they remunerate token sale participants. EOS did not engage in fraud; it just sold an unregistered security, the SEC claims.
Critics of the settlement drew comparisons between EOS’s unlicensed security sale to Blockstack’s completely compliant one. As Larry Cermak wrote for The Block, Blockstack, by completing the world’s first registered security token offering, paid some $2 million in legal fees over the course of 10 months to receive SEC approval for its $23 million sale. The $2 million in fees is 8.6 percent of its gross revenue from the sale, while EOS’s fine is only 0.6 percent of its own gross revenue.
Why, the argument goes, should a fully compliant company have to pay more proportionally than one that circumvented regulation? Block.one’s post-factum payout to the SEC, while still an unignorable $24 million, is paltry by comparison.
It could be (and basically has been) said that the company made out like bandits. But the better question here is not “Should Block.one be allowed to get away with this?” (Because clearly it is, if you want to frame it this way — “getting away with it.”) No, the better question is: “How did Block.one make it out relatively unscathed, and what are the greater ramifications of these results?”
The SEC launched its investigation into Block.one’s year-long ICO (held from June 2017 to June 2018) following the token sale’s completion, and this settlement determines that the ERC20 token sold during the ICO was a security. But the SEC did not issue a judgment on whether the EOS coin, now running natively on the EOS blockchain, is a security. (This echoes SEC Director of Corporate Finance William Hinman’s remarks that a project may sell a coin as a security offering, but over time, this coin may fall out of this category if it is sufficiently decentralized.)
Seeing as EOS operates basically under the auspices of 21 node operators (and the de facto reign of its progenitor, Block.one), whether or not the project is decentralized is up, as ever, for colorful debate. But never mind, because the SEC is primarily concerned with how the token was marketed and sold.
For example, even though Block.one “[blocked] U.S.-based IP addresses from accessing the EOS.IO Website token sale page,” it failed to “ascertain from purchasers whether they were in fact U.S.-based persons,” resulting in “a number of U.S.- based persons purchas[ing] ERC-20 Tokens directly through the EOS.IO Website.” This, as Katherine Wu wrote in her annotated breakdown of the settlement documents, illustrates the limits of geofencing for token sales and the SEC’s tolerance for this argument.
That tolerance was no doubt weakened by the fact that EOS purchased ad space in Times Square in anticipation of Consensus 2017 and threw afterparties at the event. This marketing practice, targeting a largely American audience, is entangled in buyer expectations that the investment tokens would appreciate in value — a hallmark of securities.
So why does Block.one get a $24 million pass for playing so fast and loose? Because once Uncle Sam came around to hold the company accountable, it tightened up and played ball.
“Block.one is initiating a process of consultation and discussion with staff of the Division, including the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) in connection with the Voice token. Block.one will continue to engage with staff of the Division and FinHub on its future projects, as appropriate,” Block.one’s legal counsel wrote in a document accepting the settlement.
In exchange for its cooperation, Block.one avoids a cease and desist from the SEC and disqualification from future securities sales under specific exemptions. That’s right, the settlement leaves the door open for Block.one to execute other token sales (and it hints that it likely will, as the document reveals the company is considering launching a sale of its social-media-facing VOICE token to accredited investors).
An Unimpressive Precedent or Impressively Unprecedented?
Returning to the issue of Blockstack and Block.one’s diametrically opposed token sale strategies, EOS’s mea culpa seems to lay a shaky foundation for token issuers to launch an ICO without approval with the expectation of paying for it later. This “shoot first, say sorry later” approach could give rise to a new wave of regulation-dodging ICOs, Cermak argues in his op ed.
Stephen Palley, a partner at Anderson Kill law firm, thinks this is far from the point (he actually calls the take “stupid” in another article on the settlement for The Block). The settlement ultimately means much less than a lot, Palley concludes in his article, especially considering Block.one launched its widely successful ICO in the shadow of the SEC’s scrutiny. With the regulatory agency’s light now shining like a blinding beacon of untempered, star-spangled justice on the unscrupulous field of token issuers, Block.one’s escape act, likely a one-off absolution, isn’t going to be replicated.
“… the notion that this kind of settlement is a green light for unregistered securities offerings is stupid. Stupid. That’s the technical word. Any lack of regulatory or legal clarity on these things that arguably might have existed two years ago is gone. Block.one might have gotten lucky, to the tune of more than a billion dollars,” Palley wrote.
He reiterates Katherine Wu’s sentiment, as well, that this news reinforces something the industry is slowly coming to grips with: If regulators want you to pay up, it’s better to settle in private than take them kicking and screaming to court.
“Does this settlement set any sort of precedent? No. It’s neither a slap on the wrist or a get out of jail free card. And it only applies to Block.one,” according to Palley. “The best one can say is that it’s a signal to market participants that they will have a better chance of surviving if they approach the SEC and work out a deal (like Block.one) than if they kick shins and fight a legal fight that they are likely to lose (like Kik).”
Block.one’s settlement by no means creates a playbook for bypassing regulations. Not everyone will be able to say, “Oops, our bad lol!” and then rectify this with a fine. It might, however, establish further precedent for market watchdogs to go after unlicensed securities offerings. Palley anticipates more settlements like this to come, something one of his colleagues, Robert Cornish Jr., a partner at Anderson Kill, reaffirmed in correspondence with Bitcoin Magazine.
So after all that, we’re left asking ourselves, “When, XRP?”
Bitcoin has been able to extend the upwards momentum that it has incurred over the past day, which has allowed it to gain what appears to be a solid foothold within the mid-$8,000 region. This foothold may allow bulls to begin pushing the cryptocurrency higher, although it is important to note that BTC is still caught in a firm downtrend in the mid-term.This trend may soon be shifting, however, as analysts are now noting that BTC may target $9,000 in the near-future, with any movement to over $10,000 marking a full recovery from its drop below the lower boundary of the previously established descending triangle that it had been caught in for several months.Bitcoin Climbs into Mid-$8,000 Region as Bulls Build Strength At the time of writing, Bitcoin is trading up over 2% at its current price of $8,400, which marks a notable recovery from its recent lows of $7,800 that were set late-last week when the aggregated crypto markets incurred a sharp sell-off that was quickly bought up by buyers.Bitcoin’s bullish response to the upper-$7,000 region led many analysts to believe that it was forming a long-term bottom around this price, and its ability to extend its upwards momentum in the time following its sharp drop appears to confirm this notion.It is important to note that BTC is still flashing some bearish signs in the near-term, however, as it has struggled to decisively move above its 200-day moving average and is also facing declining trading volume.Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that it is too difficult presently to determine what its mid-to-long term trend currently is.“$BTC – Still trying to break that 200 DMA, but it was early in the day and has failed to do so. Ranging between support and resistance zones – volume declining. The only play atm are trades on the lower time frames with decent price movement,” he explained.$BTC – Still trying to break that 200 DMA, but it was early in the day and has failed to do soRanging between support and resistance zones – volume decliningThe only play atm are trades on the lower time frames with decent price movement pic.twitter.com/jWIbiOeo9v— Josh Rager 📈 (@Josh_Rager) October 1, 2019Analyst: BTC Could Target $9,000 Next Although Rager has pointed to a few bearish signs for the cryptocurrency, it is important to note that other analysts believe that BTC could target $9,000 next.Luke Martin, another popular crypto analyst, spoke about this possibility in a recent tweet, pointing to a chart that shows that BTC is currently reclaiming its previous support level, which could mean that it is positioned for a movement up towards the lower-$9,000 region.$BTC map pic.twitter.com/DPVL0YZJPU— Luke Martin (@VentureCoinist) October 1, 2019How Bitcoin’s responds to its 200-day moving average will likely be a key factor in determining what its near-term trend it, as a decisive close above this moving average could mean that a movement up towards $9,000 is imminent.Featured image from Shutterstock.