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Bloomberg: Indicator Suggests Bitcoin Could Reach New Highs This Year

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golden bitcoin above pennies

Bitcoin (BTC) could reach new highs this year. This is according to a recent report released by Bloomberg in which they show that the GTI Vera Convergence Divergence Indicator suggests the digital currency could continue growing in the near future. 

Indicator Suggests Bitcoin Could Surge

The GTI Vera Convergence Divergence Indicator takes into account the moving average convergence divergence (MACD) and it tries to identify increased volatility in the market. In this way, it is possible to delete noise and improve predictability. 

In addition to it, Bloomberg Intelligence senior analyst Mike McGlone said that Bitcoin is showing it is a store of value and a hedge against global economic uncertainty. 

Mr. McGlone commented on the matter:

“Bitcoin should remain a primary beneficiary of growing demand for its store-of-value, quasi-currency asset properties, similar to gold. Favorable macroeconomic fundamentals – plunging bond yields and rising stock-market volatility – appear to have endurance and should further differentiate Bitcoin from other crypto assets.”

Furthermore, Akbar Thobhani, the CEO of SFOX, explained that Bitcoin is also improving its presence in the market as a safe-haven asset. 

This shows there are several experts that consider that the largest digital asset could start moving upwards once again. A few days ago, Bitcoin was able to surpass $11,000 and $12,000 after several weeks under these levels. Although it moved down from $12,150, Bitcoin remains strong close to $11,900 with a market capitalization of $212 billion, according to CoinMarketCap. 

Tone Vays, a recognized crypto analyst and derivatives trader, suggested that Bitcoin would have reached $12,000 after crossing $11,000, and this is what happened on August 6. 

There are several analysts that consider that Bitcoin could reach new highs this year. Timothy Peterson, a crypto analyst, wrote on Twitter that it would be an anomaly of Bitcoin does not expand 250% in the coming six months. That means that the virtual currency could eventually reach $50,000 following his model. 

“Anything substantially less would be a true anomaly,” he commented.

Michael Novogratz, the founder of Galaxy Digital and former hedge fund manager, has also suggested that Bitcoin would reach $40,000 once larger investors enter the market. There are several companies such as the Intercontinental Exchange (ICE) or Fidelity Investments that are doing everything to welcome larger investors to the space. 

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Jide Idowu

Jide Idowu

Cryptocurrency freelance writer. Many hours dedicated to researching on cryptocurrencies, the blockchain, and so on has increased my experience in this field.

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