Bitcoin Is Overheating – A Potential Pullback Is In The Cards, Says Bloomberg
A couple of weeks ago, the bulls came back to the crypto market for more reasons, including the latest move made by China in support of the blockchain tech.
Since then, there have been a lot of optimistic predictions about Bitcoin’s price popping up, but now Bloomberg has something else to say.
Bitcoin could pull back soon
A technical indicator that’s designed to identify where digital assets are heading based on the movement of the daily close is suggesting that Bitcoin will most likely pull back soon.
The latest reports coming from the Daily Hodl reveal that The Global Strength Indicator shows BTC is entering the overbought territory, reports Bloomberg.
It’s been revealed that BTC’s current trajectory is mirroring BTC’s movements in August just before its price fell from about $12,000 to $10,000.
The same online publication also mentions that Luke Martin of VentureCoinist highlights the recent performance of BTC.
The latest info coming from Coin Metrics shows that Bitcoin was not the biggest gainer over the past month.
“[Here’s the] large cap crypto returns for the last 30 days. Everyone is aware of the Bitcoin pump that brought us back above 9k, but last month’s alt performance may surprise you:
- [Bitcoin Cash] BCH +31%
- [Bitcoin SV] BSV +56%
- [Binance Coin] BNB +29%
Bitcoin forks and Binance leading the major alts.”
At the moment of writing this article, Bitcoin is trading in the red on CMC, and the most important digital asset in the crypto market is priced at $9,201.31.
Wall Street investors are expecting a Bitcoin rally
Investors on Wall Street, on the other hand, have more optimistic predictions these days.
Institutional longs at CME – one month high
Could we see a breakout soon > 1.5k BTC? pic.twitter.com/y9SmywwVE0
— skew (@skewdotcom) November 2, 2019
New data coming from Skew Markets reveals that Wall Street traders are now betting on a new Bitcoin rally.
More than that, CEO of EuroPacific Capital Peter Schiff said that BTC could hit $100k before the next crash.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.