A lot of technical barriers Bitcoin making it’s way South

By Steven Anderson October 6, 2019 Off
bitcoin south

Bitcoin bulls have allowed the bears to push the cryptocurrency.   The previous key support level for the Bitcoin was at $8,200.  This indicated that further losses are a sure happening.  The recent lows of Bitcoin were at $7,800, and Bitcoin slowly crept back to this range. Analysts have opined that Bitcoin might continue to trend down to $7,600.

In the short-term, $8,000 will be the level of support established by the cryptocurrency. If Bitcoin would not post a bounce at $7,800, this would only be trouble in terms of its short-term price action. However, if it touches this level, this would trigger the next uptrend.  The buying volume has declined to provide for further losses.  The daily BTC chart is not looking promising.

With a lot of technical barriers at the current price, Bitcoin making it to way south is very obvious.  While the price and trends are getting unpredictable, investors who are looking to diversify their investment are thinking about the appropriate Bitcoin Wallet. Anyone who is looking to get a Bitcoin should set up a wallet. 

Investors need to be clear about the fact that Bitcoin is not stored anywhere.  It is technically wrong to think that way.  The long series of numbers known as the private or public keys are numerical encryptions which saved on the wallet. Wallets are used to store these keys.

The unpredictable price of the Bitcoin is keeping it on the news.  Regulators, on the other hand, think that crypto-derivatives are not suitable for retail investors. In 2019, more than 23 billion have been traded in derivatives.

The “quantum supremacy” of Google is about solving calculations, which are not possible with traditional computers.  Encryption, cryptography, and Bitcoin are based on complex mathematical problems.  Trust is the basis of the internet and digital communications.  Trust is built based on the accuracy of the encryption and cryptography.

The quantum power of Google might solve classical equations very quickly.  Therefore, investors are now worried that their newfound crypto wealth might be under threat due to quantum computers.

Charles Hayter, Bitcoin, and cryptocurrency data website opines that it is possible to update cryptocurrencies with quantum-resistant technology. Google is still away from building a quantum computer that can threat Bitcoin and other cryptocurrencies.

“To have any effect on bitcoin or most or most other financial systems, it would take at least about 1500 qubits, and the system must allow for the entanglement of all of them.”