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According to the news in the Cointelegraph, Bloomberg Intelligence analyst Mike McGlone, a note released on April 5, said that Bitcoin had the highest Intellig overbought G level since December 2017 when it reached a record level.
According to the note, Bitcoin's GTI Global Power Indicator shows that the price of crypto money has risen to $ 20,000, which means that it has not reached such an overbought point. In the past, Bloomberg claims that similar models are heralds for several weeks of the downward trend.
According to McGlone, recent market growth was due to long-term price squeeze and low volatility. The analyst said he expects a similar crisis period following the latest growth.
The note also included quotations from David Tawil, chairman of the Crypto Money Free Investment Fund ProChain Capital, which is expected to continue its downward trend. Tawil said it was nice to see a positive move, as opposed to a negative move, which was not comforting.
McGlone and Tawil's analysis is in contradiction with the founding partner of Fundstrat Global Advisors, Thomas Lee.Lee, a few days ago, said in a statement over the 200-day moving average of Bitcoin'ın pointing back to the bull trend, he said.
Also experienced cryptocurrency analyst Peter Brandt said he would not be surprised if Bitcoin was in another parabolic level on his April 5 tweet.
On the other hand, earlier this week CME, the world's largest futures and options exchange, achieved a historic record of $ 563 million in transaction volumes of Bitcoin futures.
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