Bitcoin to Witness Short Term Rally: Bloomberg Analyst

As per Bloomberg analyst, Olga Kharif, Bitcoin is set to rally after the recent crypto market turmoil.

Recent days have not been good for Bitcoin. The price of the world’s largest crypto by market cap has witnessed wild fluctuations in the past few days. During this period of turmoil, Bloomberg analyst, Olga Kharif, has revealed some good news for Bitcoin traders.

Bloomberg’s Business Week Journalist, Kharif cited technical indicators to support the claim that Bitcoin will witness a short term rally soon.

According to the analyst, at 35.6, the Global Strength Indicator for Bitcoin is coming close to oversold levels. The GTI is an oscillating indicator that shows the strength of an asset for trading. Kharif says that the GTI shows support for Bitcoin’s price at the levels of USD 3,000 to 3,100.

The GRI VERA Trend Signals also points towards Bitcoin’s short term rally after the cryptocurrency breached the lower VERA band limit.

Interestingly, Binance CEO, Chanpeng Zhao had also announced at the recently held Singapore’s Binance Blockchain Week that cryptos are presently oversold. He supported his claim by citing the number of promising projects, robust fundamentals, and active talent in the industry.

While the short term price analysis of Bitcoin may help active traders make profits, however Bitcoin hodlers would be more interested in knowing the long term forecast of Bitcoin’s price.

Many analysts have predicted that Bitcoin will touch the lowest of lows in the year 2019.

Princeton graduate, Murad Mahmudov, claimed that Bitcoin could be following the 2014-2015 bear trend. According to Mahmudov, Bitcoin could potentially touch the lows of USD 1,700 to USD 2,200 in April 2019.

Pseudonymous commentator and crypto trader, Filb Filb, has said that in the next twelve months, Bitcoin’s price will bottom between USD 2,500 and USD 3,100. However, he also said that there are chances that the crypto could breach the level of USD 10,000 for the first time since 2019. If this happens, then Bitcoin could be in for a rally which will see it touch the level of USD 333, 000.

Swati Kishore

Swati has a keen interest in emerging technologies and she loves to write about them. She loves trance and is also interested in the philosophy of life.