Bloomberg gave buy signals for Bitcoin, which has recovered more than 6% in the last 7 days, in line with the GTI Global Strength Indicator. When the indicator showed the last buy signal, the Bitcon value had nearly doubled.
According to the GTI Global Strength Indicator chart, positive developments are on the way for the Bitcoin front. Buying signals for Bitcoin were seen in the indicator published by Bloomberg. According to many indicators put forward by both the GTI Indicator and Bloomberg, Bitcoin’s next target could be the highest value of 2020. With the effect of these buy signals, Bitcoin can increase its price above the $ 12,000 threshold.
He Gave Buying Signal in the Last March Collapse
The GTI Global Strength Indicator last gave the buy signal for Bitcoin in March. In this period, with the coronavirus effect that was effective all over the world, the price of Bitcoin fell to the 4 thousand dollar band. After the signal was issued, the price of Bitcoin rose up to $ 12,400 in just 5 months.
During the pandemic period, with the increasing belief that Bitcoin is more reliable, BTC started to be seen as a safe investment tool like gold. People turned to Bitcoin, which they found more innovative and easier than gold, to avoid inflation and the depreciation of the dollar. Voyager Digital CEO and co-founder Steve Ehrlich stated that the price of Bitcoin in such an upward trend reflects the investor’s view of BTC as a measure against the global economy. Besides individual investors, more and more institutional investors have switched to Bitcoin.