By Davis Byrne (US)
The bitcoin is consolidating in the zone from $8,000 to $8,400 and there came good news about its future movement.
The volatility of bitcoin cannot be managed by anyone whether it is Enterprise Company or big bulls because it is now in the hands of millions of traders and investors. The month of September was not very good for digital gold as the price value has been slumped by 20% in the last month.
The social sites related to crypto are accumulated with bearish charts of analysts and experts about BTC from some past days. The majority of the crypto enthusiasts are claiming that it will go further below the level of $7,500.
However, when we go to one month back, we would come across very optimistic speculations. We can estimate the volatility of crypto that how it went against the predictions, and speculations are also like thin air which might be possible or not.
Indicator Flashes ‘Buy Signal’
According to a chart published by Bloomberg, a buy signal is seen since the observance of $3,150 in the middle of December last year. This buy signal is observed using the GTI Global Strength Indicator that flashes the region greenish. It is said that the long term presence of Bitcoin at the current mark indicates that it is preparing itself to show a potential rally.
A Massive Recovery is expected
Mike McGlone who is an intelligence analyst said in a note:
The Bitcoin maturation process will accelerate into the year-end as volatility declines in a more subdued price-appreciation process… The initial euphoric transition to a bull from a bear market is over, which should lead to an extended consolidation period, but with positive bias for similar reasons as gold.
Dan Tapiero, a big investor claimed on the basis of the TD Sequential Indicator that a massive rally is expected. Similarly, an indicator shared by Financial Survivalism also signaled about a great rally. All these indicators are speculating a big movement on the part of BTC.
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