Crypto Analysis: Bitcoin’s Sell-Off is Over Using ‘GTI VERA Convergence Divergence’
Bitcoin and virtual currencies are in a bear market since the beginning of the year. Several experts have been showing why the market was going to recover very soon, but the results were not positive.
This time, Lily Katz reported that the GTI VERA Convergence Divergence Indicator is suggesting that Bitcoin’s downtrend has reached a bottom. Additionally, other experts have shown similar sentiments on the matter, saying that they expect the bear market to end in the next weeks or months.
The GTI VERA Convergence Divergence Indicator analyzes possible trend reversals and exhaustion with traditional Moving Average Convergence Divergence (MACD). And indeed, this has been an accurate indicator in the past of long-term trend reversal.
We can mention what happened earlier this year, when the GTI VERA Convergence Divergence showed a trend reversal Bitcoin surged almost 40% in the next month.
Another important analyst and CEO of eToro, said that the correction of Bitcoin in 2018 was healthy and good for the long-term growth of the virtual currency market. Mati Greenspan, a senior market analyst at eToro, said that the demand for Bitcoin in the most important virtual currency trading platforms has not declined during the bear market.
Assia commented on the matter:
“Despite these adjustments, however, we have not seen a significant dip in demand for digital assets. As the market matures,more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets.”
Another figure in the market and ShapeShift CEO, Erik Voorhees, showed optimism about the future trend of the virtual currency market. The bear market in which we currently are represents a good opportunity for newcomers to enter the market.
Additionally, he explained that he thinks that the rate of the collapse has slowed down considerably. He then added, that the majority of the collapse has already passed.
Virtual currency investors are waiting for a new bull run, similar to the one experienced in December 2017, when the price of the famous virtual currency reached $20,000 dollars. A recovery by the end of 2018 is still a possibility and this is what several analysts and experts in the space believe.