The first time there has been a buy signal since June, Bloomberg believes that Bitcoin will see a new high.
Just as investors began to question the logic of Bitcoin acting as a safe haven in the global financial market turmoil, a follow-up by technical analysts suggests that Bitcoin may have more revenue in the future.
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Based on the GTI VERA convergence divergence indicator for detecting positive and negative trends, Bitcoin, the world's largest cryptocurrency, issued a new buy signal during last weekend's trading. The price of bitcoin soared last weekend. This is the first time a buy signal has appeared since June, which may indicate a new high in the future.
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According to Mike McGlone, an analyst at Bloomberg Intelligence, bitcoin prices are rising compared to other risky assets. He wrote in a report:
“Bitcoin should still be the main beneficiary of the growing demand for its value-storage, gold-like quasi-monetary assets. Good macroeconomic fundamentals – bond yield plunging and stock market volatility – seem to be durable and should It will further differentiate Bitcoin from other cryptographic assets."
On Monday, the global market was shaken as the Trump administration threatened to impose a 10% new tariff on Chinese goods and the yuan “breaks seven”. The price of bitcoin and other digital assets rose because investors poured into safe-haven assets during the sell-off frenzy. Bitcoin rose nearly 13% on the day.
However, after China took measures to stabilize the RMB exchange rate to ease the situation, as the market rebounded on Tuesday, the encrypted assets failed to hold the gains. This is because extreme price volatility, the history of hacking of cryptocurrency exchanges, and manipulation of allegations have raised questions about the wisdom of buying digital assets as a safe haven. As of 12:45 pm New York time, after rising by 5.1%, Bitcoin hovered at $11,747.
However, if volatility becomes more prevalent in other markets, Bitcoin may regain its hedging function.
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