Another positive BTC-related prediction surfaced due to a technical indicator.
The GTI Vera Bands Indicators shows good signs
The GTI Vera Bands Indicator measures up and down trends in order to identify price patterns and this is pointing out a surge for BTC.
The previous four times that BTC fell like this below the band, a rally followed.
According to Bloomberg Intelligence, analyst Mike McGlone says that there are more concerns about the global economy that could boost BTC in the long term.
Elements that boost the price of BTC in the long run
McGlone said to Bloomberg TV that he believes BTC is currently consolidating after its quick rise to nearly $14,000.
“I think it’s backing and filling its gains. It got up to around $14,000 recently and it’s pulled back to just above $9,000. It’s just basically retracing the big bear market from 2018. But it went too far too fast. It’s up about 200% on the year,” McGlone said.
He continued and explained that “The significance is the broader market like the Bloomberg Galaxy Crypto Index is up only 60%. So it’s Bitcoin breaking away from the pack and right now it’s just backing and filling.”
Facebook’s Libra and Binance’s plans also support BTC
He also said that Facebook’s Libra and the plans that Binance has to create a stablecoin of its own will also support the BTC power as an independent store of value.
“Every time I hear of a new stablecoin intended to be launched like the latest from Binance, and Libra, to me it creates a greater disparity in Bitcoin and the rest of the market. It makes Bitcoin become more like digital gold because it’s so unique. There’s no one else’s liability and it separates from the pack.”