- Bitcoin price prediction remains bullish today, especially above the 43,995 support level.
- A founder and operator of bitcoin mining service Helix have been found guilty of money laundering charges.
- Forex trading market participants should look for a sell trade below the $43,990 level.
The BTC/USD closed at $44,744.0 after reaching a high of $46,007.8 and a low of $44,290.0. BTC/USD continued its downward trend on Wednesday for the 5th consecutive session. However, Bitcoin price prediction remains bullish today, especially above the 43,995 support level.
Larry Dean Harmon Pleads Guilty to Money Laundering
The founder and operator of the bitcoin mining service Helix have been found guilty of money laundering charges. The guilty plea of Larry Dean Harmon followed the US Treasury’s Financial Crimes Enforcement Network fining Harmon $60 million last year.
The court-issued plea suggested that Larry Harmon had pled guilty to money laundering and conspiracy charges. Harmon said he had plans to cooperate with federal authorities after being accused of operating a bitcoin mixing service, Helix, from 2014 to 2017.
According to the US prosecutors, more than $300million in bitcoin was transferred into Helix and sent out anonymously. Whereas, the defense attorney for Harmon said that using a double-blind system leaves the operator unaware of how much BTF was being funneled.
However, the culprit agreed that he violated the law while knowing about money laundering and drug proceeds. He did not know the exact amount that had been laundered. This news added a negative impression on BTC/USD on Wednesday and dragged its prices downwards.
Nigel Green’s Projection Pressures on Bitcoin
The CEO of one of the largest financial institutions has projected that Ethereum will exceed Bitcoin in the long run. Nigel Green said that Ethereum has potential, and it is expected to outpace the pioneer cryptocurrency in the future.
He added that Ethereum had already outperformed the leading crypto this year and quoted the percentage difference of both crypto’s performance in the market.
Green said that Ethereum surged about 240% this year alone, while the leading cryptocurrency, Bitcoin, surged less than 38% in the same time frame. He expects this trend to continue for the rest of this year, and he has predicted that it will outperform Bitcoin in the long run. This news also added pressure on BTC/USD and dragged the cryptocurrency to the downside.
United Wholesale Mortgage to Allow Payments in Bitcoin
One of the well-known mortgage lenders in the United States, United Wholesale Mortgage, has revealed its plans regarding Bitcoin. They want to be the first American mortgage lender to allow customers to make their payments with bitcoin and other cryptocurrencies by the end of this year.
The company announced that they were hopeful of executing cryptocurrency acceptance before anyone else in the country this year. This news caused a further loss in BTC/USD on Wednesday.
FOMC Meeting Minutes Boost Dollar Demand versus Bitcoin
The rising prices of the US dollar after the release of the FOMC Meeting minutes added further pressure on BTC/USD. The greenback rose to 93.26 against the basket of six major currencies as minutes revealed that Fed officials were inclined towards reducing the pace of asset purchases. The strength of the US dollar kept BTC/USD lower for the day as both have a negative correlation.
Bitcoin Price Prediction – Daily Technical Levels
Support Resistance
44020.0 45737.8
43296.1 46731.7
42302.3 47455.6
Pivot Point: 45013.9
Bitcoin Price Prediction – Daily Technical Analysis: Double Bottom Support at 43,995
The Bitcoin price prediction remains bullish today, especially above the 43,995 support level. The BTC/USD consolidates in a narrow trading range of 46200 – 44000. On the 4 hour chart, the BTC/USD has developed a symmetrical triangle pattern that’s now extending support at 43,995. Besides, the triangle pattern is providing resistance at 46,269 levels.
The technical side of Bitcoin is still the same as we discussed in the Bitcoin Price Prediction on August 18. The BTC/USD’s next resistance holds around the $45,730 level, and a bullish breakout of this level could continue buying until the $46,270 and $48,000 levels.
The 50 daily EMA (exponential moving average – red line) provides resistance at 46,260. Below this, 50 EMA signals a selling trend in Bitcoin, but the oversold pair may bounce off above the 43,995 level.
The breakout below the 43,995 support level could extend the selling trend to the 42,500 level. Therefore, the Forex trading market participants should look for a sell trade below the $43,990 level. The initial target remains at $42,500. Alternatively, we can capture buy trades over 43,995 levels with a target of 45,700. All the best.
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