Is the Bitcoin Sell-Off Over? Technical Signs and Major Investors Believe so

August 27, 2018

 

Earlier this week, Lily Katz at Bloomberg reported that the GTI VERA Convergence Divergence Indicator suggests the Bitcoin downtrend is over. Experts have echoed a similar sentiment, expecting the bear market of the dominant cryptocurrency to come to an end in the upcoming months. According to Katz, the GTI VERA Convergence Divergence, which analyzes trend reversals and exhaustion with the traditional Moving Average Convergence Divergence (MACD) has historically been an accurate indicator or long-term trend reversal. For instance, earlier this year, when the GTI VERA Convergence Divergence signalled a trend reversal, the price of Bitcoin surged 39 percent the very next month. In an interview with NewsBTC, Yoni Assia, the CEO at leading multi-asset trading platform eToro that has more than eight million users, said that the correction of Bitcoin in 2018 was healthy for the long-term growth of the crypto market.More importantly, as Mati Greenspan said, a senior market analyst at eToro, the demand for Bitcoin at large cryptocurrency exchanges and trading platforms has not declined throughout the bear market. 

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