Respected Bitcoin analyst CryptOrca, with over 100 thousand followers on Twitter, has said he does not see the possibility of Bitcoin reaching $5k -$6k any moment despite the fact that the cryptocurrency market is in a bullish moment.
The crypto analyst says “the $4K range is full of pain”.
He added: “I don’t see $5-$6k anytime soon. The $4k range is full of pain … about each $200 there is a level. Unless we clear them with strong candles it’s gonna chop for a while.”
I dont see $5-$6k anytime soon. The $4k range is full of pain … about each $200 there is a level. Unless we clear them with strong candles its gonna chop for a while.
— CryptOrca (@CryptOrca) February 18, 2019
CryptOrca made the assertion in reply to his earlier comments where he stated that Bitcoin will “see a small pullback but $4k is the challenge.”
Solid move … sure we'll see a small pullback but $4k is the challenge pic.twitter.com/6fJZSAmudy
— CryptOrca (@CryptOrca) February 8, 2019
Crypto Market Rallies As Bitcoin (BTC) Sees Over 7% Price Upsurge
Crypto winter seems to be ending. Today, Bitcoin has seen over 7% gain with a 24 hour market volume of $9 Billion.
Nearly all digital asset appears to be gaining values. Bitcoin moved from around $3,500 to $3,909, still, it seems the digital asset will test $4,000 or beyond.
However, Analysts like CryptOrca and some others are saying Bitcoin won’t test the $5K-$6K level any time soon.
Bitmain Unveils New and Efficient 7nm Bitcoin Mining Chip
Bitmain Technology has unveiled a new but advance 7-nanometer bitcoin mining processor. The company states that the processor is efficient for the fact that it offers new levels of energy efficiency.
The new ASIC BM1397 has improved performance, modernized chip size, and efficient energy for mining proof-of-work cryptocurrencies on the SHA256 algorithm like Bitcoin Cash and Bitcoin.
The processor is made with the use of a 7nm FinFET process from Taiwan Semiconductor Manufacturing Company, a supplier of Bitmain chip.
BM1397 survive on little amount of electricity when compared with the previous design. The latest innovation has an energy consumption to computing ratio that is as reduced as “30J/TH”.
Bitcoin ETF In 45 Days?
The crypto space is all prepared for a possible regulatory approval of Bitcoin ETF filled by NYSE. As it appears now, a Bitcoin ETF may come to reality in the next 45 days.
The NYSE has tabled five distinct Bitcoin ETFs before regulatory authority since last year. Such approval will boost the cryptocurrency space.
