In a report published on Monday, Bloomberg offered some rare mainstream media encouragement to cryptocurrency enthusiasts who have been eagerly awaiting good news about Bitcoin’s future price prospects. According to the report, various technical indicators suggest that Bitcoin could be preparing for a positive price move in the coming weeks.
Last November, Bitcoin was trading at a price of roughly $6,500. In just a few short weeks, the world’s most well-known cryptocurrency soared in price to reach a December 2017 and all-time high of $19,511. In the year since that peak, Bitcoin’s value has declined markedly and currently stands at around $6,400 – very close to its November 2017 price.
As Bloomberg noted, however, the long-term trends are encouraging and could see Bitcoin’s price break out of its current range:
A look at the long-term trend lines in Bitcoin’s Directional Movement Index (DMI) shows it entered a new bullish phase. In addition, 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.