Bitcoin has continued to fall over the past 12 months and dragging the entire crypto market down with it. In mid-December, the master of all digital currencies hit a 16 month low when it fell below $3,200. And, according to analysts, things could be on the verge of a reversal soon.
A new technical analysis suggests that there might be a new turn this year where trends are about to turn for Bitcoin and its twin.
According to Forbes, Bitcoin seemingly will be in its longest buying streak for six months as per the indicator used to detect trend reversals. In the past, there has never been anything wrong with The GTI Vera Convergence Divergence indicator as it has previously been used to highlight buy signals. The last time this indicator showed positive signals, Bitcoin had a month-long rally.
Bloomberg’s Galaxy Crypto Index, which scouts a portion of the best crypto resources, is also showing Bitcoin’s longest purchase streak since September when its market dominance moved to 58%. This notion has been echoed by senior investigators, for example, eToro’s Mati Greenspan who said the market is a lot nearer to the base than we are to the best before.
He sees the industry growing at a very rapid speed, and the crypto and blockchain are also hiring at a rapid rate. There are more new projects seen online, and people are getting more involved in the market.
It may be true that crypto exchanges such as Finance and Coinbase have continued to expand and hire with new geographic locations while large-scale mining operations have downsized. The involvement from the likes of Nasdaq and ICE, is another signal that the market may not drop any further.
This year, Ethereum (ETH) has led the rally far with its upcoming Constantinople hard fork being the catalyst. In just three weeks, there’s been a recovery of over 80% for ETH has bolstered crypto markets which have grown almost 5% from the beginning of the year.