Bitcoin is down by 0.16 percent at $6,424 with a daily trading volume of $4.3 billion. The Directional Movement Index (DMI) of Bitcoin’s long term trend line shows a bullish scenario while Mike Novogratz calls for new highs by next year.
Bullish on the horizon?
The world’s leading cryptocurrency is trading at $6,424 while being down by 0.16 percent in the last 24-hours. Bitcoin trading volume, meanwhile is recording at $4.3 billion.
As the market goes green, BTC dominance takes a hit and slides down to 51.9 percent. Currently, Bitcoin is down more than 65 percent from its peak at $19,500. This year hasn’t been good for Bitcoin and for the past two months, it is bouncing between $6,200 and $6,700.
According to the latest Bloomberg report, Bitcoin bulls just might be in for a good news as technical indicator shows the leading cryptocurrency to be poised for gains. It says, “the price trends broke out of their VERA band upper limit, widely considered an encouraging sign. The digital token could see a rise as it approaches year-end.”
The long-term trend lines in Directional Movement Index (DMI) of Bitcoin shows that it has entered into a bullish phase.
Mike Novogratz, the CEO of the crypto investment firm, Galaxy Digital is also bullish on Bitcoin but extends it to the next year as he now says,
“Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000. By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.”
He also predicted that “There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail.”
However, according to a crypto analysis, Skew bitcoin has only a 19 percent chance of crossing $10,000 by mid-2019.
“Investors are now expecting the current period of calm will extend well into next year. Prices of bitcoin options expiring in June 2019 have come down significantly – in particular the upside strikes. The market assigns a 19 percent probability of bitcoin being above $10,000 by end of June next year versus 27 percent at the start of October.”