Factors indicating a long-term increase in the rate of Bitcoin

The cryptocurrency market has been extremely volatile in recent days, but today the most important coins are traded in different directions. Rising to $ 10,400 last night, Bitcoin is currently valued at $ 10,070.

Nevertheless, another positive forecast for BTC is due to the technical indicator.

GTI Vera Bands indicator shows good signs

This indicator measures upward and downward trends, identifying price patterns, and indicates a surge in BTC . The previous four times, when the BTC fell below the corridor, a rally followed.

According to Bloomberg Intelligence analyst Mike McGlone, there are many problems in the global economy that could lead to BTC growth in the long run.

Factors that increase the price of BTC in the long run

McGlone believes that BTC is now consolidating after rapid growth to $ 14,000.

“I don’t think the price will go back. Recently, BTC rose to $ 14,000 and rebounded to $ 9,000. This is a common recovery from the big bear market in 2018. Bitcoin is moving too fast, adding about 200% per year , ”said McGlone.

In addition, he added that “Bloomberg Galaxy Crypto Index has grown by only 60%. Bitcoin breaks further, moving forward and backward. ”

Facebook Libra and Binance Plans Support BTC

According to the analyst, Libra and Binance plans to create their own stablecoin contribute to the stability of BTC as an independent storage of value.

“Every time I hear about a new stablecoin getting ready for launch, for me it is a sign of future inequality with bitcoin. They make Bitcoin even more like digital gold and emphasize its uniqueness. ”

Publication date 08/25/2019
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