According to a report, the flagship digital currency, Bitcoin might have just reached it’s lowest price and analysts believe that the cryptocurrency could possibly get an uplift from now on for some time at least.
Analysts have started to think that bitcoin is almost reaching the oversold level due to its Global Strength Technical Indicator now standing at 35.6 which also happens to be the cryptocurrency’s lowest mark since December 2018. This means that the probability of bitcoin prices to rebound are quite high considering the fact that it has almost reached the oversold level and that the cryptocurrency has strong support within the price range of $3,000-$3,100. Moreover, the cryptocurrency’s recent price fluctuations has shown that bitcoin is going to be stable around the $3,500 mark.
The GRI VERA Trend Signals indicator has indicated that a short term uplift might be on its way for the digital currency as it analyzes the price performance of bitcoin over recent times.
Volatility Explosion Relatively Adjusted (VERA) is a theory which adjusts the indicator signals when volatility explosions occur. The app is designed to warn when a moment of market explosion will occur, giving investors a signal so they can generate a new investment strategy. This application has helped analysts recognize the possible increase in bitcoin’s prices as a result of its GTI currently being at the value of 35.6.
Just yesterday, the cryptocurrency reached its minimum VERA band limit, consequently its price immediately increased which usually occurs when the oversold level is reached. Similar was the case for bitcoin which made it easy for analysts to predict that there are decent chances for the cryptocurrency to go through a price uplift following the recent events in the crypto market. Good days ahead for the cryptocurrency? Hopefully, at least momentarily, which is better than not at all.
The price of the cryptocurrency has increased recently to $3,600 recorded at around 1.1% for the day but talking on weekly terms, the value of bitcoin has decreased at a rate of 1.7%. What is most saddening is the fact that the digital currency has suffered a downfall of around 80% since it reached its maximum value in December 2017, recorded then at above $20,000. Last year was a nightmare for the digital currency as it became the most negatively affected cryptocurrency in the crypto industry due to numerous factors that caused its price to decrease from over $20,000 to $3,600.
A crypto investor and entrepreneur, Alistair Milne explains the possibilities surrounding bitcoin’s future as compared to its past, saying:The crypto expert says that there are more regulatory authorities involved in the crypto industry now as compared to that in 2017 when lesser regulatory measures were taken concerning digital currencies and according to him, it is quite predictable that either the cryptocurrency will reach its maximum value yet again or either drop even further below, there is no in between in this situation. He further added:
Mr. Milne believes that the chances of bitcoin’s price stopping at its previous all time high are somewhat low as the expectations from the cryptocurrency are much higher now due to the cryptocurrency’s high adaptability capacity. He says that if this happens, he won’t sell his shares at even $19,000.
Thus, it is believed by experts in the crypto space that bitcoin has reached its minimum possible point and the cryptocurrency will only go higher now as result of being close to its oversold level i.e. 35.6. Chances are that it might even surpass its all time high (over $20,000) this time but for how long we are not sure yet, only time must tell.