Bitcoin is currently showing signs of recovery after dropping below $12K yesterday and losing about $800 from recent local highs at $12,400.
After that sharp correction, BTC price found support near $11,550 and formed a swing low $11,581.
Since then, the flagship cryptocurrency has gained momentum amid intense buying pressure and eventually broke through the crucial resistance at $11,800.
The world’s leading crypto is trading slightly lower at $11,734 during press time but still faces strong resistance near $11,950 on the hourly chart.
BTCUSD Chart | Source Tradingview
BTC Price Trajectory Ahead of Schedule
Even as BTC struggles to break above $12K and climb higher, one prominent crypto expert and former Google engineer believes that it is trading higher than it should be.
Since the digital asset bottomed at $3,200 during the Black Thursday crash in Mid-May, BTC embarked on a steady uptick that has seen it recover fully from those lows.
The coin then went through the third halving, which proved to be an extremely bullish event that helped BTC price reclaim $9k.
Google engineer Vijay Boyapati now believes that the asset follows a four-year cycle driven by the halving of rewards.
He explained that the momentum from the latest halving event and a FOMO rally that recently drove prices above $12K pushed BTC slightly ahead of schedule.
According to Boyapati’s analysis, BTC price should be trading around $10,800 if it had followed the last four-year cycle.
Should the benchmark crypto stick to the long term trajectory displayed in the chart below, it will reach its peak around Oct. 2019 with a projected price of $325K.
BTCUSD Long-Term Trajectory | Source: TradingView
OMG Price Pumps by 252%
OMG Network’s native token (OMG) registered a landmark price rally in the past week.
The 22nd largest crypto, according to CoinMarketCap, surged by up to 252% in the days leading to its partnership with the world’s leading stablecoin project, Tether.
In today’s sessions, the OMG/USD pair established a year-to-date high at $9.86 before correcting lower to change hands at $6.886 currently.
OMGUSD Chart | Source Tradingview
The OMG Network is essentially a Layer-2 scaling protocol for Ethereum seeking a higher transaction throughput for the ETH blockchain.
Tether, the issuer of the top stablecoin USDt, revealed on August 19 that it had inked a deal with the OMG network to offer faster transactions at a lower fee.
That partnership was crucial, as it seeks to solve the issue of high transaction fees on ETH that has worsened by explosive growth in the DeFi sector.
The Tether-OMG partnership has amplified demand for OMG tokens, which users stake to run validation nodes on the OMG Network.