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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.


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.


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.”


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.


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.


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.


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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