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Does This Market Indicator Confirm the Novogratz Predicted Rebound?

Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called bottom this week on Twitter. On Friday, Bitcoins market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?

Bitcoin Could Have Oversold

According to aFridayreportfrom Bloomberg, a key market sign the Williams %R Indicator is showing the market for Bitcoin (BTC) 00 has oversold.

This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.

According to Bloomberg’s chart below, that measure is sitting at -83. This equates to an oversold market. The last time this level was reached Bitcoin price subsequently rose 22%, says Bloomberg.

Bitcoin, BTC, Ethereum, ICO, Crypto, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH.
Does This Market Indicator Confirm the Novogratz Predicted Rebound?

Novogratz Forecasts Bottom and Rebound to Equal 2017 Boom

On September 13, 2018, Mike Novogratz referred to the Bloomberg Galaxy Crypto Index Chart, asserted a low, and likened market performance to the point of acceleration that led to the massive rally/bubble. He finished his tweet with the hashtag #callingabottom.

Pre-Weekend Rally… What will Monday Bring?

On the day of Novogratz tweet, Bitcoins value began at $6337.46 before rising to $6589.32. Over the weekend the price has fallen back, but not too far $6495.18at the time of writing. Monday and next weeks trading will likely prove or disprove Novogratz and Bloomberg’s theories.

As per Bitcoinists analysis today, we could be looking at a slow and steady recovery towards $7000 or it could be an oversold bounce. We predict Bitcoin is well situated for short-term gains, but could still be victim to a bearish market.

Bitcoin, BTC, Ethereum, ICO, Crypto, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH.
Does This Market Indicator Confirm the Novogratz Predicted Rebound?

Novogratz isn’t the only confident bull. Tim Draper, speaking at a DealStreetAsia summit in Singapore last week predicted the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023. As of today, Bitcoin is still dominating the cryptocurrency markets, with 55% of the total market capitalization invested in Bitcoin alone.

Bullish or Bearish? Where are your sentiments today? What do you think next week will bring?

Images courtesy of Bloomberg, Shutterstock.

The post Does This Market Indicator Confirm the Novogratz Predicted Rebound? appeared first on Bitcoinist.com.

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