Bitcoin went through its most expensive levels currently. On this, Global Strength Indicator or GTI has plenty to say. GTI is a technical analysis tool that measures the volatility of the crypto market. According to it, bitcoin comes currently in overbought territory. It also suggests that it can enter in a parabolic phase.
In the year 2018, Bitcoin saw a downfall. However, some speculated the summer would bring good news for Bitcoin. It turned out to be true after the week went well, for Bitcoin. It saw a rapid price surge last week. Some also speculated this surge at the beginning of 2019.
But, rapid rise might not turn out to be fruitful at the end. According to GTI, it warns that the rise might indicate the impending retracement. It might turn out to be worse.
However, Bitcoin currently has its peak level and the most expensive levels since its crypto crash in the year 2018. GTI shows that the coin was the most bought with the pricing elevating up to $20,000 before the crash. It happened in December 2017.
Mike McGlone suspects the high flames of Bitcoin
Mike McGlone, an intelligent analyst, says that the low volatility in the world of the crypto market makes a downturn with time. He says that it is a question of duration and it is suspected when such high flames go up.
The high price of Bitcoin is good news for its investors and traders, while some experts question, the gains are salient or not. When something goes overbought or might indicate the drop in price further as the time advances, it usually happens so when the market saturates.
It can be proved with the data from the last time when Bitcoin saw an incredible surge in its pricing. In December in 2017, the price of Bitcoin was soaring high with a value of about $20,000. But, unfortunately, the price came down to a value of about $6000 in February 2018.
On the other hand, David Tawil of ProChain Capital says that the price surge of Bitcoin is not a comforting development. He suspects that it will eventually turn out to be a downfall.
Peter Brandt says the price will enter into a parabolic phase
An author and a well-known commodity trader, Peter Brandt also speculated on the matter. According to him the price of Bitcoin may enter into a parabolic phase. By saying that, he meant, the largest coin can set a massive bull run which might be larger than it achieved during December 2017. Brandit kept his opinions optimistic by giving his statement on the matter.
The largest cryptocurrency gains 3 percent yet again on Friday, making it the most overbought. It, however, follows the same patterns as the previous year. Reportedly, in the year 2017, the coin went through peak level with the coin pricing high before its downfall.
Many prominent figures in the world of the crypto market gave their opinion on the surge of Bitcoin’s price. But, there is no consensus among them. Some speculate optimistically with the price setting foot in the zone of above $50,000.
