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According to the GTI Global Strength Technical Indicator, Bitcoin is reaching oversold level, clocking in at $3,556, the lowest level since December 2018; it appears that Bitcoin is stabilizing around $3,500. The measure also suggested that Bitcoin had clear support at $3,000 to $3,100.
The GRI VERA Trend Signals indicator, which also helps to identify trending trends, showed that Bitcoin breached the lower VERA band limit on January 22 2019, which implies a upcoming short-term rally. This news has left investors and crypto enthusiasts hopeful and optimistic about the future after Bitcoin tanked 70 percent in 2018.
The volatility of Bitcoin has scared off many investors in the last year as the Bitcoin price fluctuated to great extremes. With the volatility came hesitance from investors, and a bad public image for the digital coin. For people outside of the cryptocurrency world, Bitcoin became a symbol of a failing and potentially dangerous emerging technology that didn’t have the stamina to replace the old ways.
Of course, this isn’t how everyone felt. Volatility comes with any emerging or young market. Emerging markets are vulnerable to manipulation, and its easier to move a small market cap. It is also true that there was volatility in the early days of internet stocks, perhaps not to the level we see in crypto, but it was significant. It is still too soon to predict whether Bitcoin will ever return to its all-time high of just under $20,000; however, the slow growth currently seen is a good sign of stabilization of the virtual coin.
Despite the volatility, attitudes towards crypto are positive, with more and more companies announcing significant investments in the space. Governments around the world are also started to support crypto, although not all equally. Australia, for instance, is crypto positive; in 2018 they invested 500 million in integrating blockchain tech, and some Australian airports accept crypto as a form of payment. Even some of the smaller and less prominent countries on the world stage, such as Lithuania are investing in a crypto future.
Bitcoin will continue to be monitored as we move through 2019 and soon we will see if this optimism is justified. Only a few months ago Bitcoin had negative predictions for 2019. However, the new year has shifted the outlook on Bitcoin and 2019 looks to be an exciting year in the cryptocurrency space with lots of projects and investments, and hopefully the long term stabilization of Bitcoin.