Leading cryptocurrency Bitcoin (BTC) looks likely to start a new rally soon, according to Bloomberg's technical indicator. The signal in question marked “buy” for the first time since December 2019, which seems to have excited everyone.
That signal was experienced after Bitcoin had a fairly turbulent 2020 first quarter. BTC, which launched an incredible rally in the early months of 2020, then lost all the value it had achieved at this rally on March 12, dropping to a point of $ 3,800. BTC is 39% behind the year high of $ 10,529 at the time of writing.
In addition, many names in the cryptocurrency sector, such as Michael Novogratz or Barry Silbert, emphasized that this decline was an opportunity. According to another popular cryptocurrency analyst, Scott Melker, aka Wolf of all streets, Bitcoin is undergoing change for the time being and may be officially in limbo.
However, when we look at Bloomberg's Technical Analysis of Bitcoin, the signal that knew the rise before is seen again, and the meaning of the rise will come. Although the leading cryptocurrency suffered a sharp fall last Sunday, it managed to recover on the first day of the week. Today, Bitcoin is expected to showcase the movement, which will determine exactly which way it will go. That will allow many analysts to make clearer predictions.