The dwindling trajectory of the Bitcoin prices since the past few days may predict the fallen days, but the market analysts beg to differ. The overall Bitcoin’s performance is going quite downhill. For instance, last week, the world’s largest crypto experienced a temporary spike of 10,300 U.S. Dollars but simultaneously fell down to 9,250 U.S. Dollars mark within 24 hours. The spike and the fall were quite stark and intense.

But despite all the downhill movement, the market analysts are choosing to focus on the bullish tendency of the crypto. The recovery of the Bitcoin price to 9,900 U.S. Dollars has made many optimistic about the medium-term vision of the crypto. The optimism and faith in the bullish tendency of the crypto made a prominent analyst to predict a strong surge in the crypto in the coming times.

The expected surge is a steep upward movement to 17000 U.S Dollars, which would be around 70 percent greater than the ongoing prices.

Why are the market analysts so optimistic about BTC Price surge?

Well, the main reason which the market analysts attribute to the coming together of the promising signals on BTC 30 days chart. These signals point at the possibility of the bullish upsurge for Bitcoin.

Bitcoin’s $17,000 ‘near-vertical’ growth:

A trader by the name ‘Goomba’ has recently posted Bitcoin’s one-month performance chart on Twitter. The liquid index gives a clear view of the overall market movement that takes many crypto exchanges into consideration. As per Goomba’s tweet, Bitcoin could very soon see a ‘near-vertical’ growth of 17,000 U.S. Dollars.

This upsurge would mean a straight leap to 73.7 percent higher price platform from the current price state of 9,900 U.S. Dollars.

Analyzing the chart:

  • The one-month OBV (On-Balance Volume) suggests the crypto has brighter days ahead.
  • Further, in addition, the RSI (Stochastic Relative Strength Index) has changed to the bullish trend.
  • The bullish trend on the RSI has been observed after 5 months, as before this spike, it was facing a constant downhill movement.
  • The upsurge in the BTC price has stirred optimism that expects a bullish trend in the coming months.
  • The expected price hike can be seen in the next 3 to 4 months time bracket.

BTC price predicted to spike to $20,0000 by 01/07/2020:

Along with Goomba, the prediction that Bitcoin will surge to its all-time high in a very short time; has been supported by many other market experts and analysts too. For instance, last month, a trader called ‘Financial Survivalism’ described Bitcoin’s priced action to a ‘T.’ The trader’s recent in-depth trade analysis explains the reasons that will make BTC to spike up to 20,0000 U.S. Dollars price mark by July 1st, 2020.

Another well-known name of the industry- Fundstrat co-founder Tom Lee also suggested that BTC/USD is expected to reach 27K U.S. Dollars mark by August 2020. He explained that the crypto (BTC) is crossing its ‘200-day moving average’. This has stirred the average gains of nearly 200 percent.

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BTC’s $20,0000 price prediction supported by Mike Novogratz:

In a recent interview, Mike Novogratz described Bitcoin as the ‘best brand of the past 11 years.’

Right now, Bitcoin feels a little frenzied and we could see it surge up, but I think that by the end of the year we could certainly take out the old highs, or at least we go to the old highs. […] Because people have believed that it’s now a store of value — similar to gold, just gold has got 3,000 years and $10 trillion, Bitcoin has got eleven years and $200 billion.

In a new development that is going to come as a huge boost to the startup scene in Malaysia and South Asia, Sinisana Technologies has managed to raise as much as $500,000 in seed funding. Sinisana, which is based out of Sarawak, is a blockchain company that provides solutions in the food supply niche. The seed funding from a range of international investors values the company at $2 million. The company has come up with a product that will provide an end to end blockchain-powered food supply chain solution. Sinisana is looking to launch the product in Southeast Asia, China, and the United States soon. This investment will help the company in expanding at a decent pace.

It seems that the world of venture capital finance has also taken note of the work that is being done by the company, and hence, this investment has come about. Recently Sinisana had published a statement with regards to the food supply chain product. In the statement, the company said,

The blockchain product, called Intersect by Sinisana, allows participants in the food supply chain to have a trusted source of data for food safety, traceability, and oversight.

It could well prove to be a highly lucrative business in the years to come, considering the fact that younger people of the generation are interested in knowing the source of the food that they eat.

The product by Sinisana will provide them with that information. The chief executive officer of the company Gary D’Agostino spoke about the matter as well. He said,

Intersect by Sinisana is well-poised to capitalize on this opportunity, to enable the food industry to support this consumer demand.

It is a significant development for the company and one that could help the company in its quest to expand rapidly in as many markets as possible.

The trade analyst on Wednesday said that India will not drag US to World Trade Organization (WTO) against the move of withdrawing GSP benefits of US to end the tax benefits on the export goods of India. However, India has mentioned that it will raise the issue because India believes that the action was a biased one.

Reports of Economic Times mentions that, within the Generalized System of Preferences (GSP), the concessions should be non-discriminatory and also equal. The Indian government is most unlikely to challenge against the move of US in WTO because Washington has removed India from the GSP benefits citing the reason as India is not offering fair and well-balanced access to its markets in various sectors.

United States has not confirmed about ending the GSP benefits due to non-reciprocity. The US has spoken about fair and proper access to the Indian market, an official who knew about the details mentioned.

Although on Monday, the US President Donald Trump had revealed the decision of removing India from enjoying the benefits of the Generalized System of Preference Program regarding the Indian exported goods to Washington. The decision has been taken because Trump believed that India does not fulfill the eligibility criteria of GSP.

On Tuesday, Washington had mentioned that India had executed various trade barriers which have negatively impacted the United States’ commerce. In spite of US vigorous involvement, India has been incapable of taking the most needed measures to meet the standard of GSP.

President Trump further said that he will continue to review and see whether the Indian Government is offering fair and reasonable access to its market as per the eligibility criteria of GSP.

The European Union’s GSP rule was opposed by India back in 2002, after which the WTO Appellate Body had discovered that the GSP drug rule of European Union was not based on the criteria of goals and evidence to select the beneficiary countries. The official said that India has debated that the European Unions had distinguished from other developing countries, as of now this is not the case.

While another official member said that the final decision to challenge the removal of GSP benefit is not yet been taken, the discussions are going on.

The move of the US to withdraw India from GSP benefit must be questioned on systemic grounds, experts and former trade envoys suggest. It looks like India is surrendering the right to fight for unique and differential treatment at the World Trade Organization.

Jawaharlal Nehru University Professor, Biswajit Dhar at the centre for Economic Studies and Planning in the School of Sciences said that Generalized System of Preferences (GSP) should be totally non-discriminatory.

On Tuesday, the India stocks Sensex and Nifty ended lower due to the Indo-Pak tensions at the Line of Control (LoC). The Air India held an air strike on the terror camp of Pakistan on their territory and blew them up completely.

The BSE Sensex ended at 239.67 points which were lower at 35,973.71, and NSE Nifty closed at 10,835.30, lower by 44.80 points. The stocks that helped for the recovery of the markets were, Tata Motors, TCS, Axis Bank and Zee Ent, other foremost losers of the market were, Infosys, ITC, ICICI Bank, HDFC Bank, and SBI.

There was a slight improvement in the border markets, Nifty Midcap Index was up by 357 points, day’s low which was close to 23 points lower at 16,579. Nifty was down by 206 points to 27,085.

While during the trade, the BSE Sensex had reached an intraday high of 36,712.52 and reached low to 35,714.16. The Nifty reached the intra-day high at 10,888.75 and low at 10,729.3.

The Sensex collapsed during the opening hour to almost 500 points, and various sectors were trading in the red when the news broke that Indian Air Force has violated the LoC, as alleged by Pakistan on Tuesday. Later the news was confirmed by the Indian government.

The top losers from the sectors were realty and bank stocks on BSE, which were down by 1.63 percent and 0.75 percent respectively. There were some investors across oil and gas, auto and pharma space which were noticed.

The shares of Hindustan Aeronautics Limited (HAL) were up by almost 3 percent during the intraday trade on Tuesday, which is a state-owned aerospace company while most the stocks were trading weak because of the rising tension between India and Pakistan.

HPCL was down by 1 percent, and Britannia was up by 1 percent that is still to be added to Nifty.

On Tuesday, the global Asian stock market closed at a low level and all settled with a negative level mark, as the investors needed the clarity on the US and China trade war issue just a day after the tariff hike deadline on Chinese goods was extended by The US President.

Stocks of Reliance Communication after a favorable court order were moved up by almost 7 percent. Telecom department has been instructed by TDSAT to examine the RCom’s plea for Noc related to the sale of spectrum to Reliance Jio.

Roundup which is Bayer AG’s popular glyphosate-based herbicide is up for a second jury hearing in a US court over it causing a cancer risk. The company’s share price dropped to $289 million after a verdict by a California state court.

A resident of California, Edwin Hardeman filed a lawsuit against Bayer, and it is scheduled for hearing in a federal court. The trial is also being considered as a test case for bigger litigation. The Hardeman case is a consolidated case of more than 760 cases out of 9,300 cases registered across the United States and will be heard by a Federal court.

The jurors, in this case, will not hear to all the evidence that was shown in the California trail last year initially as per the ruling by a US district judge Vince Chhabria. Chhabaria is also the presiding judge in the federal court. The Judge has decided to allow the evidence that was produced in the California case to go before the jury in the second phase of the trial only if it is determined that the Roundup caused cancer to Hardeman. The company has alleged that the evidence by the plaintiff is an attempt to persuade the regulators and also manipulate public opinion.

Hardeman claims in the court documents that he started using Roundup in the 1980s to control weeds and poison oak and used it regularly in large volumes for many years. In Feb 2015, he was diagnosed with non-Hodgkin’s lymphoma after which in 2016 he filed a lawsuit. Hardeman has a history of Hepatitis C which has a risk of developing lymphoma.

The California state court jury in August last year found evidence of corporate misconduct as playing a key role. The jury declared that Roundup had caused a man non-Hodgkin’s lymphoma. The Court also came to the verdict that the Monsanto Unit of Bayer did not warn consumers that the herbicide has a high risk of cancer. Though the jury awarded $289 million, the court later reduced it to $78 million.

Meanwhile, Bayer has denied that the product which is glyphosate-based caused cancer and said there had been independent studies conducted on it for many decades which has shown it to be safe for human use. It further added that the product is approved worldwide by regulators. Plaintiffs have condemned the order of Judge Chhabria of dividing the trail and not allowing evidence as unfair and that there is scientific evidence that glyphosate causes cancer and is linked to misconduct by Bayer.

Apple will compensate Grant Thompson, a Tuscon, Arizona high school student who discovered the Facetime bug. After Thompson and his mother reported the bug to Apple, the company had to turn-off the group chat while the engineers investigated the issue and fixed the bug. On Thursday, Apple released a software update to fix the issue in its video calling service and also announced that it would contribute money to fund the teenager’s education after he found the problem.

How Thompson discovered the bug?

The issue was discovered purely by chance by Grant Thompson. He was contacting friends using Group Facetime which is Apple’s video chat app, and suddenly the recipients’ camera and microphone became active, and they could even listen in even before the call got picked. Later 14-year old Thompson and his mother contacted Apple on this issue many times, but the company did not respond to those messages initially. It is yet to be known whether it is because none of them saw it. However, Apple representatives in a statement released recently said that they disabled Group Facetime immediately after they got to know of the details and then began to work on fixing it.

The payout that the teenager will receive is part of the incentive program that Apple offers to security researchers for submitting bugs and vulnerabilities privately. The company is offering an unknown amount to Thompson’s education.

Apple release the fix:

Apple releases the iOS 12.4.1 to fix the group Facetime issue and also a few more security updates that are recommended for all the users. The security advisory has also credited the teenager for finding the bug. A spokesperson to Apple said that ‘In addition to addressing the bug that was reported, our team conducted a thorough security audit of FaceTime service and made additional updates to the FaceTime app and server to improve security.’ Also, the earlier vulnerability in the Live Photos of FaceTime is fixed and to protect users who have not upgraded to the latest software; the servers were updated so that the feature of Live Photos is blocked for earlier versions of iOS and macOS.

Though Apple has fixed the issue, the rumble is yet to die down as two US House of Representatives have got involved and are seeking answers from CEO Tim Cook. The members have sent a letter to the Apple CEO demanding his response on the issue related to this episode.

China’s service sector which makes up for half of the economy has started the year with a high, as it posted the fastest growth in six years. The sector received new orders and companies are looking to hire more staff quickly to fulfill those orders as per the data released by a private survey. Economists attribute the growth in January by the Service sector to easy access to bank loans and growing local demand as the Lunar New Year which is in February approaches.

The PMI or the purchasing manager’s index of the Caixin/Markit services fell a little below from its December value of 53.9 to 53.6, but the good news is that it is way above the 50.0 mark which shows that the growth is moderate but not reduced. Moreover, the service sector is greatly supported by overseas sales as now new export businesses are rising at a fast rate and attracting foreign clients. New orders also picked up a little in January when compared to December and rose to 52.6 from 52.3. Earlier, there was an official survey which said that the growth in the non-manufacturing sector was good and the private survey adds to the upbeat mood. This data is good for the Beijing government as it aims to change the economic growth model by overhauling it and modernizing it.

There is great concern worldwide as China which is the second largest economy is seeing an economic slowdown and the service sector which is half of the Chinese economy is doing well is good news not only for China but for other counties too. The sector is critical to over the slowdown in manufacturing as the factories are hit by various social and political factors which include the trade war with the US. The government is depending on customer demand and spending on the service sector especially finance and technology to improve the economy and also to reduce the dependence on exports, manufacturing, and investment.

Zhong Zhengsheng who is the director at CEBM group said that the critical component in the Chinese economy is the policies that the Chinese government introduced to help increase domestic demand and development. Beijing had taken many measures to help the growth which includes reducing the threshold of the cash that bank has to hold to increase lending, reducing taxes and fees and increased spending on infrastructure. However, the key remains the resolution of the trade war with the US.

Russia and the United States has suspended an important nuclear weapons treaty on Saturday. This move has sparked many concerns of an arms budding race between the world’s two biggest nuclear power nations.

The withdrawal from the Intermediate-Range Nuclear Forces treaty comes after Mike Pompeo, Secretary of State, gave 60 days to Russia to come back into agreement with the terms of the nuclear weapons pact. Mike Pompeo also added that the agreement could be reversed if Russia came back into compliance. Pompeo said in a statement “Russia has not taken the necessary steps to return to compliance over the last 60 days. It remains in material breach of its obligations not to produce, possess, or flight-test a ground-launched, intermediate-range cruise missile system with a range between 500 and 5,500 kilometers.”

Mike Pompeo added, “The United States has gone to tremendous lengths to preserve the INF Treaty, engaging with Russian officials more than 30 times in nearly six years to discuss Russia’s violation, including at the highest levels of government.”

President of Russia, Vladimir Putin claims that Moscow has not violated the treaty, but will start developing a new missile in the wake of the Intermediate-Range Nuclear Forces’ suspension.

Putin on Saturday, during a televised meeting with foreign and defense ministers said that “The American partners have declared that they suspend their participation in the deal, we suspend it as well.” Putin also told that he would not deploy weapons to Europe and other regions unless the United States did so.

The Intermediate-Range Nuclear Forces treaty was signed by President Ronald Reagan and Soviet leader Mikhail Gorbachev in the year 1987. The treaty prohibited the development and deployment of ground-launched nuclear missiles with ranges of 310 miles to 3,420 miles. The agreement has made each country to dismantle more than 2,500 projectiles and kept cruise missiles off the European continent for more than three decades.

United States President Donald Trump said on October that the U.S. would withdraw from the Cold War-era pact. The United States also personally sent the national security advisor John Bolton to deliver the decision to the Kremlin. Russia, Donald Trump said, has violated the arms agreement by fielding and building the banned weapons for many years.

North Atlantic Treaty Organization has also called on Moscow to “return urgently to full and verifiable compliance. It is now up to Russia to preserve the INF Treaty,” NATO foreign ministers said in a joint statement.

One of the Researcher at the Federation of American Scientists, Abigail Stowe-Thurston, said “Withdrawing without exhausting all available diplomatic options to resolve the compliance dispute makes it more difficult for Washington to control the narrative around the collapse of the treaty, and allows Russia to pursue the development and deployment of intermediate-range systems without restriction.” She went on to add “Now that the administration is following through on its decision to withdraw, it is Congress’s responsibility to decide whether to fund the development and deployment of similar systems.”

Having been caught up in the midst of US President Donald Trump’s trade wars, legendary American motorcycle maker Harley-Davidson saw its fourth-quarter profit go up in smoke. The trade war has been nothing short of disastrous for Harley, and in 2018 alone, its stock price nosedived the most in one year (33%). Following the announcement, the company’s stock sank by 9.5%.

According to the statement released by the company on Tuesday, the earnings per share was zero as per generally accepted accounting practice (GAAP). If the damaging tariffs and restructuring costs had not been incurred, then the manufacturer’s earnings per share would have stood at 17 cents a share. However, that was well below the average estimate of 29 cents per share from analysts.

That being said, Donald Trump’s diatribe about the company’s scheme to move production from the United States to an overseas location and the tariffs are only a part of the problem. According to Bloomberg, the company’s sales in the United Sales alone sank by a whopping 10% in the fourth quarter. In addition to that, Harley is struggling to attract the younger generation to its products, and consequently, they have had to come up with other ideas. They have come up with cheaper bikes and have also taken to offering Harley-Davidson accessories online.

Europe and Asia have attracted a lot of attention from Harley-Davidson over the years, but it was a disappointing quarter for the company in those two geographies. Sales dropped by 6.7% and because Harley CEO Matt Levatich wants overseas sales to make up 50% of the company’s total sales; it comes as a stinging blow.

Harley-Davidson wants to expand one of their plants in Thailand, and according to Levatich, that plant is going to supply the lion’s share of motorcycles to be retailed in China and Europe. According to executives at Harley-Davidson, the company stands to pay around $100 million to $ 120 million in tariffs along, and if the plant in Thailand is expanded, then those costs could be eliminated by 2020. It remains to be seen how President Trump reacts to such a step since in the past he had said that he would support a boycott of Harley if they moved jobs from America.

As for the company’s plans to turn things around, Levatich said, “2019 we expect to be another difficult year until major initiatives like More Roads start kicking in. Everything is angled at that core issue of building riders in the U.S. and leveraging growth opportunities we have in the near term and internationally.”