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Technical Indicator Hints Bitcoin [BTC] Spike Incoming, as per Bloomberg

Coming as the latest speculation from mainstream media, the GTI VERA Bands Indicator is pointing to a bounce back for the price of Bitcoin [BTC].

It is to be noted that the GTI VERA Bands Indicator is a technical indicator which measures up and down trends to recognize price models. Notably, it is pointing to a bounce for Bitcoin [BTC]. The preceding 4 times that Bitcoin [BTC] dropped below the band, a subsequent upsurge quickly took place.

Mike McGlone, a Bloomberg Intelligence analyst, mentions that escalating apprehension a propos the worldwide economy might magnify Bitcoin [BTC] in the long term. Moreover, the Bloomberg analyst told on Bloomberg TV that for now, he believes Bitcoin [BTC] is consolidating after its speedy ascend to almost $14,000.

McGlone further says that as per him, BTC is backing and filling its profits. He said that BTC got up to approximately $14,000 lately and it’s pulled back to just above nine thousand dollars. He added that Bitcoin [BTC] is presently retracing the big bear market of last year. However, as per him, it went too far too promptly and is up about two hundred percent on the year. The implication is the broader market like the Bloomberg Galaxy Crypto Index is up only sixty percent, he says. Therefore it’s Bitcoin [BTC] breaking away from the bunch and at the moment it’s just backing and filling.

Furthermore, McGlone mentions that Facebook’s Libra and the plans of Binance, world’s biggest cryptocurrency and digital asset exchange, to create a stablecoin of its own additionally make the case for BTC’s might as an autonomous store of value.

What do you think about the Bitcoin’s [BTC] price and adoption aspects in the short term and long term. Let us know in the comments below.