A leading analyst from Bloomberg is in the latest Bitcoin news, suggesting that the Bitcoin bottom is somewhere around $3,000 or $3,100. Using the GTI Global Strength Technical Indicator, his analysis focuses on Bitcoin and its oversold conditions at this point.
[The indicator] for Bitcoin is nearing oversold levels, clocking in at 35.6. That’s the lowest level since December. Bitcoin appears to be stabilizing around $3,500, with clear support at $3,000 to $3,100, the measure suggests.
In the report, the analysts also claims that “many regular investors remain wary of the crypto market” suggesting that a clear bottom can help and reignite the mainstream interest in cryptocurrency. Right now, clear support exists around $3,100 or as low as $3,000.
Even though the Bitcoin price has been stabilizing around the $3,500 margin, it is after all a bear market – one that could likely drop $1,000 in one day or do the opposite and start a bull run. The latter, however, is a scenario that is very unlikely.
Whatever happens, long-term Bitcoin trading still depends on the ETF decision as well as other big news that might spur interest from the mainstream. As a last note, nearly half a trillion dollars were there over the course of 2018, and under the right conditions, they might re-enter when they feel the conditions are right.
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