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Crypto Update 9th July

With Bitcoin (BTC) recovering and trading at around $12,388 at press time, the optimism on Twitter over the future of this cryptocurrency sometimes bordered on euphoria. Here are the highlights.

@TheCryptomist

One of the main predictions quite a few traders made in this channel related to when exactly BTC will reach $50,000, and many have already planned what they will do when that happens. Retiring on their own piece of land was a popular option.

@SmartContracter

Here @appuntilnow rather sarcastically remarked that he thought @smartcontracter was still shouting short when Bitcoin was around $11,500. SmartContracter cleverly replied: “my bias was short, but i still went long. reaction > prediction in trading.”

@CredibleCrypto

This handle said that in Bitcoin’s last drive to $20,000, most of its alts only started shooting up after Bitcoin reached a peak. That, he added, was not likely to happen again. He went on to say that switching back and forth between Bitcoin and altcoins has never worked for him in the past.

@rektcapital

In an earlier tweet, Rekt Capital warned his visitors against pressuring themselves into trading altcoins. He questioned the need for doing this at a time when Bitcoin was ready for another major move. He added that whether that move is up or down would not really matter; in both cases, altcoins would be the losers.

@SatoshiFlipper

An account called @Crypto___Oracle had some wise words for tweeters: Beware of traders who made a single good investment and who are now touting themselves as market experts. A while later, @SatoshiFlipper posted a chart of Bitcoin showing a wedge pattern that is about to break out sharply to the upside.

@oddgems

The discussion here was mostly related to altcoins, with quite a few tweeters expressing confidence in the future of Quant (QNT). @HayyMurat, for example, tweeted the following: “At this moment $QNT is still so undervalued. Should be around $40 to be fairly priced in this market.”

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