Crypto Flipsider News — Bullish Bitcoin Prediction, XRP Finds Support, Tether Whale Wallets, Ethereum Sepolia Merges, Polygon Web3 Phone

Read in the Digest:

Analyst Predicts Six-Month Bullish Recovery for Bitcoin, Goldman Sachs Performs First Asian Futures Trade

Ripple’s XRP Rallies 6% Ahead of Court Ruling on the Hinman Documents

FUD Drives Tether (USDT) Whale Wallets Down to 3-Year Low

Ethereum Draws Close to PoS After Successful Sepolia Testnet Merge

Polygon Partners with Nothing to Bring Web3 Tech to Smartphones

Bitcoin Tipped for Six-Month Bullish Recovery, Goldman Sachs Performs First Asian Futures Trade

After closing Q2 of 2022 as its worst quarter in the last 11 years, analysts are beginning to hint at an end to Bitcoin’s woes. Senior commodity strategist Mike McGlone says Bitcoin has shown signs identical to the bottom of 2018.

According to McGlone, Bitcoin could spend the next six months on an uptrend as the 50-week, and 100-week moving averages are now showing bullish signs. When Bitcoin bottomed at $3,200 in 2018, it rallied up to $13,000 in the next 6 months.

Global Banking giant Goldman Sachs continues its Bitcoin adoption, executing the first block trade of Bitcoin (BTC) futures in Asia. The futures trade was conducted through GFI Securities LLC, a subsidiary of BGC Partners.

According to Goldman Sachs, the trade is the first-ever intermediated block trade of CME Group Bitcoin options contracts in Asian markets. The futures trade was arranged between Cumberland DRW LLC and Goldman Sachs.

Flipsider:

While hopes of recovery abound, 80% of last week’s $51.4 million worth of investment products was pumped into short Bitcoin.

Why You Should Care

The increase in Bitcoin’s adoption amidst the crashing prices has been interpreted to mean a bullish future for Bitcoin.