Bloomberg\u2019s Vildana Hajric noted that the moving average convergence divergence (MACD) indicator pertaining to the Bloomberg Galaxy Crypto Index (BCGI), parented by Mike Novogratz himself, has \u201centered its first positive divergence in a month.\u201d While a single indicator shouldn\u2019t be the sole influence behind one\u2019s investment decision, in the past, BCGI\u2019s move from a negative to positive divergence has been a precursor to BTC rallies.<\/p>\n
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Image Courtesy of Bloomberg<\/p>\n<\/div>\n
This analysis lines up with Hajric\u2019s\u00a0previous crypto call, in which she noted that the Directional Movement Index (DMI) indicator is signaling for Bitcoin (BTC) to head higher. More specifically, DMI,\u00a0a popular indicator of the trend strength of a publicly-traded asset, has reportedly \u201centered a new bullish phase,\u201d just like MACD.<\/p>\n
Mati<\/a> Greenspan, a senior market analyst, was in consonance with Hajric, with the long-time Bitcoin trader explaining to Bloomberg that \u201cthe technicals [in this market] look great,\u201d which may be the harbinger of crypto\u2019s next bull run.<\/p>\n Boom!!! https:\/\/t.co\/WXx9ptdcot<\/a><\/p>\n \u2014 Mati Greenspan (@MatiGreenspan) November 7, 2018<\/a><\/p><\/blockquote>\n Keeping in mind that technicals are far from the full picture, Greenspan noted that the \u201cfundamentals are fantastic.\u201d While this comment was vague, the analyst seems to be pointing to the impending launch of the Intercontinental Exchange-endorsed Bakkt, which will offer the industry\u2019s first physically-backed BTC futures, along with other platforms poised to make a positive impact on the future of the crypto market.<\/p>\n The market specialist could also be alluding to the growth of crypto\u2019s underlying ecosystem. ConsenSys-backed MetaMask, for example, recently breached its 1.3 million user milestone<\/a>, further cementing the thought process that Ethereum remains a popular platform, even amid tumultuous\u00a0market conditions.\u00a0In terms of the institutional side of crypto\u2019s coin, the likely catalyst behind Bitcoin\u2019s next leg upwards, research done by Alex Kruger indicates that institutions remain enamored<\/a> with digital assets. Per his calculations, an estimated $5.9 billion entered this market from the pockets of Wall Street bigwigs.<\/p>\n To wrap up his comments into a dainty bundle, Greenspan, touching on his years of experience in legacy capital markets, noted:<\/p>\n \u201cAll signs are pointing to a Santa Claus rally in the cryptocurrency market.\u201d<\/p><\/blockquote>\n Mati\u2019s call for a \u201cSanta Claus rally\u201d comes just days after Rand, a prominent digital asset trader and analyst, pointed out that this market has already broken out of a near-year-long falling wedge, which is a move of great importance. Rand, taking his astute analysis into account, then alluded to the fact that crypto could finally be undergoing its reversal phase, making it more than logical to assume that\u00a0further rallies to the upside could be in the cards.<\/p>\n Featured Image from Shutterstock<\/p>\n The post Analyst: Bitcoin, Crypto To End 2018 With \u201cSanta Claus\u201d Rally<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"\n