On cryptocurrency Twitter, you can now find a lot of bearish price charts and opinions on the state of the cryptocurrency market. Even those analysts who talked about new highs just a few months ago began to feel the pressure from Bitcoin falling by 20% at the end of September.
It seems that the mood is so bad that forecasts began to spread of a decrease in bitcoin to $ 2000 and below. However, one important technical indicator recently issued a buy signal, showing that worries are in vain.
Bloomberg reported that the GTI Global Strength Indicator, which measures the up and down movements of sequential closing prices, for the first time since bitcoin reached the bottom of $ 3,150 in mid-December, has given a buy signal. Also, the consolidation of bitcoin at $ 8,000 probably indicates that the price has embarked on a growth path.
Gold investor Dan Tapiero recently noted that the TD Sequential technical indicator is also giving a signal to buy bitcoin .
Bloomberg Intelligence analyst Mike McGlown noted :
“The process of maturing Bitcoin will accelerate by the end of the year, as volatility decreases with a more restrained process of price growth … There is no longer an euphoric transition to the bull market, and this, apparently, will lead to an increase in the consolidation period."
Bloomberg Opinion investment strategist Jarden Dillian recently explained why Bitcoin could break a new price record at the next rally.
Publication date 10/06/2019
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