Technical analysts believe the Bitcoin price is at a turning point. Using the GTI VERA Bands Indicator, a new Bloomberg article suggests that the flagship cryptocurrency could be “on the brink of a large move.” It could go either way, the indicator suggests. Bitcoin price moves over the past 18 months prove surprises could be on the cards. Crypto volatility has been decidedly lower in recent times.
Ikigai founder Travis Kling isn’t sure what will happen. Ikagai is a “multistrategy Cryptoasset hedge fund.” It is named after the Japanese “reason for being.” He cautiously suggests that the bottom probably isn’t in for Bitcoin. He told Bloomberg:
I am certainly willing to change my mind, but the preponderance of evidence leads us to believe that we’ll see more lows before we head higher.
As CCN’s in-house analyst Yashu Gola wrote:
The interim sentiment is leading bitcoin to two possible scenarios. In the first scenario, bitcoin would initially hold its gains and extend its rally to post fresher higher highs. Another one is a complete reverse, in which bitcoin would erase all its gains owing to its long-term bearish bias.
Bitcoin moves in mysterious ways. The bear market of 2014-2015 saw occasional highs followed by stark lows. Bitcoin volatility was occasionally in the 50% range. The bottom was under $100. If Bitcoin makes similar moves in the current market, the real bottom could be under $400.
Who Will Sell Before The Next Bitcoin Bull Run?
This requires, of course, a great deal of selling. Which we have seen before. However,