CRYPTO NEWS

Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market.

This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has been the diminishing percentages of total value lost. At this rate, it is expected that BTC will see between 75% and 80% loss from its peak this cycle. Market analyst Justin Bennett uses this to predict where BTC will bottom out next.

The Next Bitcoin Bottom

Bennett put the next bitcoin bottom at $50,000 after analyzing the possible price movements of the digital asset. With the current cycle, the analyst sees the price of bitcoin hitting $200,000 before the bull run is over, hence a 75% to 80% pullback in a bear market will see the bottom of the asset land around the $50,000 range.

Related Reading | Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

This bottom is solely based on the cryptocurrency hitting the price range that Bennett expects the asset to peak at by the end of the rally. If BTC does not hit this price point before the bull rally is over then we might see a BTC bottom land at a much lower price range.

BTC goes into the red ahead of Friday opening | Source: BTCUSD on TradingView.com

Bennett’s pullback analysis has a lot of credit given that markets are historically known to see lower pullbacks as assets mature. So the 75% to 80% mark does resonate with what the market is known to do. However, if the price of BTC falls short of Bennett’s prediction or doesn’t move the needle much from its current price point, then the BTC bottom may land in the $10,000 to $15,000 range using the pullback analysis.

The Peak Before The Fall

Bennett’s analysis did not focus solely on the crash of the digital asset. He put forward his argument for the price of BTC at $200,000 using technical analysis of the market. The analyst points to Fibonacci extensions as indicators of where the price of bitcoin may peak during this cycle.

For the Fibonacci extensions, comparisons between the 2.272 and 2.414 extensions from previous cycles have both given a target area which the asset had hit both times. Going by this, Bennett sees the asset peaking between $207,000 and $270,000 before the current cycle is over.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Moving forward, the analyst plans to use the monthly RSI to time market exits “Notice how BTC tends to end cycles when the monthly RSI reaches above 90,” Bennett says. “It’s also exhibited a double top pattern each cycle, which leads me to believe it happens again.”

Bennett plans to use a combination of net unrealized profit/loss (NUPL) and the monthly RSI to slowly exit the asset over the next couple of months.

Featured image from YouTube, chart from TradingView.com

Fail with error ‘TransferHelper: TRANSFER_FROM_FAILED’ Although approved

I’m trying to make a swap programmatically, I did the following approvals using ethers.js: token0.approve(wallet.address, amount); token1.approve(wallet.address, amount); token0.approve(UNISWAP_ROUTER_ADDRESS, amount); token1.approve(UNISWAP_ROUTER_ADDRESS, amount); Then I calculate the amounts and minimum just fine and submit my transaction, but although the approvals go through and everything is fine my transaction fails with the following error: Fail with error::Listen

I’m trying to make a swap programmatically, I did the following approvals using ethers.js:

token0.approve(wallet.address, amount); token1.approve(wallet.address, amount); token0.approve(UNISWAP_ROUTER_ADDRESS, amount); token1.approve(UNISWAP_ROUTER_ADDRESS, amount); 

Then I calculate the amounts and minimum just fine and submit my transaction, but although the approvals go through and everything is fine my transaction fails with the following error: Fail with error ‘TransferHelper: TRANSFER_FROM_FAILED’.

Should I approve something else also, what am I missing? (sry but I’m new into this)

tx hash on rinkeby: https://rinkeby.etherscan.io/tx/0xa172511c960e67abb1a8e8bb90241048fd4d393113976052f2e6d7f6c63e048a

sample coin on rinkeby: https://rinkeby.etherscan.io/token/0xf2f0f119f819c457a8b8230306396985dff06082

PS1: Using another wallet I submit my coin to my local uniswap installation which is connected to rinkeby and a pool is created. However if I interact with uniswap with my other wallet (that is used programmatically) then the issue above doesnt happen anymore…

PS2: The error originates from UniswapRouter02 right here but my solidity knowledge is limited.

function safeTransferFrom(address token, address from, address to, uint value) internal {     // bytes4(keccak256(bytes('transferFrom(address,address,uint256)')));     (bool success, bytes memory data) = token.call(abi.encodeWithSelector(0x23b872dd, from, to, value));     require(success && (data.length == 0 || abi.decode(data, (bool))), 'TransferHelper: TRANSFER_FROM_FAILED'); } 

Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

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