Key Bitcoin Signal Says “Buy”, Bloomberg Reports
Bitcoin enthusiasts are expecting that the most valuable coin in the market hits the $12k level so that it can move towards all-time highs.
At the moment of writing this article, BTC is trading in the red on CMC, and the coin is priced at $11,840.78.
Key BTC indicator says it’s time to buy
It seems that there’s a key indicator which is flashing the first buy signal since back in June.
The Daily Hodl mentions that the GTC VERA Convergence Divergence Indicator is suggesting that Bitcoin may be poised to reach new 2019 highs, according to Bloomberg.
This gauge uses typical moving average convergence divergence (MACD) and is trying to find increased volatility and delete excess noise.
Bloomberg Intelligence senior Mike McGlone stated that Bitcoin is showing its huge potential as a digital store of value and hedge against the global economic uncertainty.
“Bitcoin should remain a primary beneficiary of the growing demand for its store-of-value, quasi-currency asset properties, similar to gold.”
He continued and explained that “Favorable macroeconomic fundamentals – plunging bond yields and rising stock-market volatility – appear to have endurance and should further differentiate Bitcoin from other crypto assets.”
Akbar Thobhani, the CEO of crypto prime dealer SFOX, said that the most important coin in the crypto market seems to be solidifying its status as a safe-haven asset.
“[Bitcoin] seems to uniquely enjoy a status as a store of value, similar to gold, which may explain why it is building positive momentum amid the 10% tariff announcements.”
BTC to hit $17k by the end of the moth
There have been a lot of positive predictions regarding the price of BTC.
Just recently, an important analyst, BTC could be hitting $17k by the end of this month.
Joe McCann shows a chart on BTC’s price, which shows that the most important coin in the crypto market can hit $17k by the end of August 2019.