Decentral Block Post

Bitcoin’s (BTC) price may climb by more than 50% in September, a month otherwise considered ominous for the cryptocurrency due to its poor historical returns. 

BTC price double-bottom and then to $30K?

The conflicting upside signal comes from a potential double-bottom pattern on Bitcoin’s longer-timeframe charts against the United States dollar. Double-bottoms are bullish reversal patterns that resemble the letter W due to two lows and a change in direction from downside to upside.

Bitcoin’s decline below $20,000 in July, followed by a sharp recovery toward $25,000 and a subsequent return to the $20,000 level in August, partially confirms the double-bottom scenario. The cryptocurrency would complete the pattern after rebounding toward $25,000.

A W-shaped price move in an ideal scenario could be followed by another sharp move higher — a double-bottom breakout.

Meanwhile, a double-bottom’s upside target is found after measuring the distance between the pattern’s peak (neckline) and lowest levels and adding the outcome to the breakout point, as illustrated below. In other words, a potential 50% price rally.

Data from on-chain monitoring resource BTC.com confirms that on Aug. 31, Bitcoin’s network difficulty hit new all-time highs.

Bitcoin seals biggest difficulty jum since start of 2022

Despite the recent BTC price drawdowns, Bitcoin’s network fundamentals are telling an optimistic tale as August comes to a close.

Both difficulty and hash rate are climbing, reflecting conviction among miners over long-term profitability of their network participation. It also suggests that the mining sector is absorbing lower profits versus costs in the short term.

Difficulty, which added 9.26% at its Aug. 31 automated readjustment, now stands at its highest ever. Competition among miners is as healthy as ever.

For comparison, the last time that difficulty increased more at once was in January (9.32%), and before that, in August 2021 (13.24%).

Avalanche (AVAX) bulls snubbed the sensational claims made by a self-proclaimed whistleblower website that the project's parent firm, Ava Labs, paid lawyers to damage its competitors' reputation.

Avalanche price recovers from serious allegations

AVAX's price established an intraday high of $19.75 on Aug. 30, two days after bottoming out locally at $17.50, amounting to a 15% rise. The token's modest recovery followed selloffs incurred by a sensational CryptoLeaks report.

AVAX's price fell 3.5% on Aug. 26, the day on which CryptoLeaks released an unverified video showing Kyle Roche, the partner at Roche Freedman, saying that he could sue Solana, one of Avalanche's top rivals, on behalf of Ava Labs.

Related: Ava Labs CEO denies CryptoLeaks' claims as 'conspiracy theory nonsense'

The token fell by another 7.5% the next day after the whistleblower website released the full report, including another unverified video featuring Roche.

Avalanche (AVAX) bulls snubbed the sensational claims made by a self-proclaimed whistleblower website that the project's parent firm, Ava Labs, paid lawyers to damage its competitors' reputation.

Avalanche price recovers from serious allegations

AVAX's price established an intraday high of $19.75 on Aug. 30, two days after bottoming out locally at $17.50, amounting to a 15% rise. The token's modest recovery followed selloffs incurred by a sensational CryptoLeaks report.

AVAX's price fell 3.5% on Aug. 26, the day on which CryptoLeaks released an unverified video showing Kyle Roche, the partner at Roche Freedman, saying that he could sue Solana, one of Avalanche's top rivals, on behalf of Ava Labs.

Related: Ava Labs CEO denies CryptoLeaks' claims as 'conspiracy theory nonsense'

The token fell by another 7.5% the next day after the whistleblower website released the full report, including another unverified video featuring Roche.

For nearly a year now, a mysterious Axie Infinity wallet has been quietly amassing billions of Smooth Love Potion (SLP), the in-game cryptocurrency powering one of the industry’s most popular play-to-earn (P2E) crypto games. 

Today, the anonymous whale wallet now holds a little over 22 billion SLP — more than 50% the total circulating supply of the token.

The problem? No one knows who it belongs to and what their intentions are.

The wallet in question was brought to Cointelegraph’s attention by Axie Infinity player and tech co-founder Michael Benko, who first caught wind of this mysterious wallet on Aug. 25.

Should we be worried?

Benko told Cointelegraph he became concerned about the wallet given the amount of SLP it had gathered in a relatively short amount of time, which could potentially wreak havoc on the game’s ecosystem.

Decentralized lending platform Compound has been plagued by a code bug in a recent governance proposal to update its price feeds. 

The code error has “temporarily frozen” the Compound ETH (cETH) market, causing cETH transactions to revert, but Compound Labs stated that despite the front end not working, “funds are not immediately at risk.”

Compound Labs announced on Aug. 31 that the code bug came from Proposal 117: Compound Oracle Upgrade v3, which was implemented a couple of hours ago to update the oracle contracts on the Compound protocol to a new version that uses Uniswap V3 instead of V2 for price feeds.

In response to the cETH market temporarily freezing, Compound Labs said it aimed to revert to the previous price feed via Proposal 119: Oracle Update. The new proposal was created less than one hour after Proposal 117 had been executed, however it now needs to go through  seven-day governance process before taking effect.

According to an update from Security Solutions Architect Michael Lewellen of OpenZeppelin, the code bug came from the “getUnderlyingPrice” function, which did not update the price of cETH tokens, which would return empty bytes and cause the call to be reverted.