According to Bloomberg, Bitcoin’s latest bull run may be entering a new extension as the apex cryptocurrency is now trading above its Vera band limit.
The Vera band limit identifies upwards and downwards trend, and is now suggesting that Bitcoin may now be gearing up for a breakout as the token continues trading above this limit.
“Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month since then,” Bloomberg reports. “The cryptocurrency broke above its upper band limit for the first time this year in early February, for instance, and reached a fresh yearly high shortly afterward. It happened again in mid-June, and Bitcoin hit its 2019 high of $13,851 just three days later. Overall, Bitcoin is up more than 220% this year.”
Several industry experts have also been alluding to a potential rally. As the currency continues to mature, its price increase stands as a testament to the market’s ability to draw in institutional investment, says Edward Moya, chief market strategist at New York-based Oanda Corp.
“Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down. The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains,” he said.
At the time of writing, Bitcoin is trading at $12,557.39, up 5.57% ove