The price of Bitcoin has once again surged close to the $12,000 line. This comes as the cryptocurrency market has seen a number of bullish signals during the past week. Nonetheless, Bitcoin has now yet broken past $12,000.
Bitcoin approaches $12,000
At the time of writing, Bitcoin is trading at a price of $11,711. This is actually down somewhat from today’s intraday high of over $11,900. However, the price of Bitcoin is still trading closer to $12,000 than it is to $11,000.
Although the past weeks have seen some widespread uncertainty in the traditional stock market, Bitcoin has continued to see gains. In fact, reports have emerged indicating that Bitcoin will profit from the macroeconomic uncertainty seen at the moment.
Now, nevertheless, a key technical metric is supposedly flashing a “buy” signal for the premier cryptocurrency. The metric is called the GTI VERA Convergence Divergence Indicator, and sent a “buy” signal for Bitcoin earlier this week.
This was the first time since June that the GTI VERA Convergence Divergence Indicator flashed. Since the last time the indicator gave a “buy” recommendation, Bitcoin’s price shot up dramatically, before collapsing to a low of $9,300.
Favorable macroeconomic fundamentals
Bloomberg covered the news of the GTI VERA Convergence Divergence Indicator on Tuesday. Specifically, one of Bloomberg’s analysts, Mike McGlone, was quoted as noting that Bitcoin could see the most massive gains of any crypto asset class.
“Favorable macroeconomic fundamentals — plunging bond yields and rising stock-market volatility — appear to have endurance and should further differentiate Bitcoin from other crypto assets.”
However, Bloomberg’s analyst is far from alone in his assessment of that Bitcoin’s price could be in for a rocket launch. To name a few, Anthony “Pomp” Pompliano recently said that global reductions in interest rates could give rise to new demand. This comes as the asset class is seen as a “safe haven” bet.
On the other hand, Toshi Times recently covered that the premier crypto is allegedly entering into a “perfect storm” of macroeconomic factors which could rise the crypto’s price. The market performance has, so far, largely reflected these predictions.
In fact, the wider altcoin market has been trading mainly sideways for the past day. Bitcoin, on the other hand, is pushing close to the $12k line. It remains to see whether it can manage to break it.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.