Bitcoin Surges to $6,600: What Do Analysts Think Is Next?
According to Bloomberg, the recent price action has allowed a key buy signal to appear: the Bloomberg Galaxy Crypto Index (an index of the top digital assets that includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS) recently printed a buy signal, according to a trend indicator, the GTI Vera Convergence Divergence Indicator. A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation, which has since been dubbed “Black Thursday.”.
The U.S.-based Kraken corroborated this narrative, writing in a recent tweet that the exchange “recorded an 83% rise in signups, and a 300% increase in verifications” over the past few weeks. Furthermore, Coinbase wrote in an extensive report that during the now-infamous “Black Thursday” crash, it saw an increase in Bitcoin buyers on the retail end of things:
“But beyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite.
