Bitcoin is on the verge of a breakthrough; Spartans and Winklevoss brothers hold no matter what!

• TI VERA Band Indicator implies a strong movement in either direction.

• Winklevoss brothers stick to long-term positive views.

According to technical analysts who base their forecasts on historical patterns, Bitcoin is on the verge of a strong move. However, the direction of that move remains unclear at this stage. Considering that the GTI VERA Band is narrowing, one might suggest that Bitcoin is getting ready for a forceful break out from its current range.

While the coin has been moving within a strongest bullish trend since September and regained over 27% of its value from the recent low touched at $3,128, experts remain cautious about short-term Bitcoins perspectives.

More pain before gain

“It’s unlikely that the bottom is in for Bitcoin. I am certainly willing to change my mind, but the preponderance of evidence leads us to believe that we’ll see more lows before we head higher," Travis Kling, founder of the crypto hedge fund Ikigai commented, as cited by Bloomberg.

Cameron and Tyler Winklevoss also stick to their long term forecasts and urge crypto enthusiasts to ignore short-term developments.

"We believe in the long game. Spartans hold!" Tyler Winklevoss said in the chat during Reddit's AMA (Ask Me Anything) session.

He is sure that Bitcoin will resume the upside as it is a true digital gold that is even better store of value than gold itself.

"We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~7 trillion dollar market cap of gold," he explained.

Meanwhile, Bitcoin is changing hands at $4,000, while the critical support is seen at $3,800, which is a confluence of SMA100 and SMA50 (4-chart). However, the coin needs to recover above $4,110 (the highest level of 2019) to improve its short-term technical setup and resume the recovery process towards $4,234 (pre-Christmas high).

TREND INDEX

Bearish

OB/OS INDEX

Neutral

VOLATILITY INDEX

Shrinking

Updated at Jan 10, 05:30 GMT

FORECAST BIAS

Sideways

 

Tanya Abrosimova

FXStreet

 

David