Now is a good time to invest in the first cryptocurrency, Bloomberg analyst said, and a famous founder suggested that the coin could soon go into a growth phase
The Galaxy Crypto index signals a good moment to invest in Bitcoin and cryptocurrencies, an analyst with the agency. In his opinion, the main reason for the rapid increase in the value of digital money is their oversold.
Use of the Expert
The expert noted that the cryptocurrency market began to stabilize after the sharp fluctuations in the Bitcoin exchange rate that occurred in October-November this year. The rise in the value of the first cryptocurrency to $ 10,000 and its further decline were speculatively caused by the speech of Chinese President Xi Jinping, who supported the development of blockchain technology, the analyst stressed. From the Crypto Signals Group you can find the best deal.
- In favor of the rise in price of Bitcoin, the founder of the Tradeunity platform also spoke. He noted that the rate of the first cryptocurrency broke the downtrend line. This suggests a possible beginning of the asset price growth phase, the trader explained.
- He added that the likelihood of a decrease in the value of Bitcoin to $ 6000-6500 can also not be ruled out. But if this happens, investors will be able to buy the asset at a more favorable price.
- An expert at the Amsterdam Stock Exchange, Michael van de Poppe, suggested that the Bitcoin exchange rate would rise to $ 7,800-8,000 within a week. An analyst of the Cryptopotato portal agreed with this forecast and added that the first cryptocurrency will go into the growth phase if its price overcomes the resistance level of $ 8300.
At the moment, Bitcoin is trading at around $ 7350, its rate remains 2% below yesterday’s values. Over the day, the volume of trading in coins decreased by 4% and now amounts to $ 25.3 billion.
Should you trust cryptocurrency signals?
The cryptocurrency market is quite young and has become an attractive field for fraud, since there are many inexperienced traders in it who are ready to follow the path of least resistance and entrust their savings to expert opinion. Unfortunately, not all signals are accurate, especially for free sources of information.
On the other hand, signal providers indirectly or directly earn money by providing information and are interested in attracting a large number of users, and this can only be achieved by offering high-quality and correct market analytics.
It should be understood that a trading signal is a recommendation to less experienced traders, and not a call to action, therefore, signal providers are not responsible for profit.
Trading signals greatly simplify the conclusion of profitable trades, especially for novice traders. There are many channels that, on a paid or free basis, are ready to share information about upcoming changes or to notify on course movements in a timely manner.
On what principle to make trading operations, it is up to the trader to decide, but one way or another, trading signals allow you to find out the information as quickly as possible without the need to independently track the value on the trading floors.