According to a new Bloomberg report, technical indicators are showing an upside rally for Bitcoin could be near as the coin appears to have bottomed out.
The GTI Global Strength Technical Indicator suggests that the coin is currently near oversold levels, which could signal a good entry point for investors.
Bitcoin’s Price Stabilizes
Bloomberg states that Bitcoin measures at 35.6 on the GTI Global Strength Indicator, showing that it is close to the oversold levels.
The current levels were the lowest seen since December last year. Now, the prices seem stable around $3,500 with strong support around $3,100 to $3,000.
The GRI VERA Trend Signals indicator which can identify trends is signaling an upcoming rally. Bitcoin went past its lower VERA band limit earlier today but quickly bounced back to trade above the limit again.
Could Bitcoin’s Price Finally See a Rally?
Bitcoin reached $20,000 during the December 2017-January 2018 speculative mania.
Since then, the coin has been in a persistent bear market, shedding over 70 percent of its all-time high valuation.
In 2019, there has not yet been a strong change in direction for Bitcoin’s price action. However, with some stabilization in BTC’s price around $3,500, investors can see a ray of hope.
With greater stability in the crypto market, the investors who earlier sold out of Bitcoin may want to reemerge from the shadows.
It could also provide an opportunity for institutional investors to take another look at the maturing market that has big potential.
In December last year, well-known Bitcoin bull, Fundstrat’s Tom Lee slashed his forecast for BTC prices to $10,000 from $15,000 using his fair value method.