Bitcoin went up by 150%. Is it almost back again?
By Luke Flowers – Cryptocurrency Speculator
The past few weeks have been quite slow for the cryptocurrency markets. After landing on $10,500 in June, Bitcoin has now arrived at a short-term downtrend.
Some say that this change in the price is a precursor to a much steeper correction, a key indicator is to be printed as a bullish sign. This sign is essential because this indicator has been accurately predicting corrections in recent months.
Furthermore, traders who buy and sell cryptocurrency point out that an essential indicator on Bitcoin’s chart is about to register a bullish signal. This indicator is the Stochastic RSI, which is described by Investopedia in simple terms as a famous indicator that generates overbought and oversold signs.
According to this indicator, Bitcoin has recently crossed its oversold levels. The world saw a similar trend in March when Bitcoin hit $3,700, right after that the BTC went up by 150% and landed on $10,500. The Bitcoin traders consider the Stochastic indicator on Bitcoin to be bullish at the time of writing.
In addition, the analysts predict a forthcoming bullish crossover in Stochastic RSI. They have identified some factors pointing out that Bitcoin will rally higher. According to a Bloomberg analyst, the price decline in 2018 and the price recovery in 2019 signals that Bitcoins value will be a lot closer to $12,000. Apart from this, the decreasing volatility, adoption of Bitcoin by companies and decrease in money printing by central banks, can all add up in appreciating BTC’s value strongly. In a nutshell, the future of Bitcoin seems good. And the investors should expect further growth, which is all good news for those who buy Bitcoin and sell Bitcoin as further gains can be made.