Bloomberg is seeing green signs for end of year of Bitcoin and crypto bull run.
“A technical indicator for an index tracking some of the largest digital currencies suggests the crypto industry could be poised to break out of its recent malaise and rally at year end.
The MACD, or moving average convergence divergence, gauge for the Bloomberg Galaxy Crypto Index entered its first positive divergence in a month. The move corresponds with an upward trend in Bitcoin, which makes up around 30 percent of the fund.”
Kenneth Sexton, Bloomberg technical analyst predicts green light for the long term, but Mike McGlone, Bloomberg Intelligence analyst is not on the same boat. Last month he told CNBC that he think the technical analysis shows a bearish market.
I personally think bitcoin will hit $8000 before end of year. We are definetely on a huge demand area, so it's only about time before the crypto market will explode.
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