Last weekend, Bitcoin resurfaced from the $9,000 and $10,000 zone it was priced at for almost two weeks to trade at the $11,000 price level. While the latest surge in price has been primarily attributed to the U.S. and China trade war, GTI Vera Convergence Divergence Indicator, a key trend technical indicator has signaled that now is an excellent time to buy Bitcoin.
Bitcoin’s Decline from Yesterday’s Spike to $12,000
Bitcoin is currently valued at $11,672, which is still a significant decline from Tuesday’s high of $12,273. Its spike to the $12,000 zone out of nowhere has been linked to Trump administration’s threat to make a 10 percent increase in tariffs for goods imported from China. The news also led to a slight devaluing in the price of the yen, with investors falling back on Bitcoin as a store of value.
While that may have been the reason behind Bitcoin’s short-lived leap in price, Bloomberg reported on August 6, 2019, that the GTI Vera Convergence Divergence Indicator is now showing a buying opportunity for Bitcoin. The media outlet noted that this is the first time since June that the GTI had read positive and as such, Bitcoin could potentially spike to new highs from here onward.
Pompliano Says Bitcoin Spike May Get Insane
Antony Pompliano, co-founder at Morgan Creek Digital also has something to say about Bitcoin’s performance in the near future. According to Pompliano in a tweet on August 7, 2019, central banks across the world are reducing interest rates, and it’s only a matter of time before they start printing more money than necessary. Pompliano also said: “Bitcoin halving approaching quickly. Buckle up. This may get insane.”
These aside, there’s a lot of pent up excitement in the crypto space that Bitcoin may be warming up for something remarkable. For instance, cryptocurrency enthusiast, Jameson Lopp recently said:
“1. Your friends & family are annoyed you won’t stop evangelizing Bitcoin. 2. Your friends & family are glad they didn’t listen to you b/c Bitcoin crashed. 3. Your friends and family are upset that you didn’t do a better job convincing them to adopt Bitcoin.”
On the other hand, Peter Schiff, Bitcoin bear and CEO of Euro Pacific Capital is still holding tight to his love for gold and believes there’s never been a better time than now to buy gold. The Bitcoin naysayer even trumped on CNBC’s post that Bitcoin could visit new heights since an institutional investor has dipped their feet into the market.