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Market Indicator Says Bitcoin Is Due for a Reversal

A market reversal indicator used to predict turning points in the prices of assets is judging bitcoin to be oversold, according to Bloomberg. If the indicator is correct (which it has been in the past), the bear market that saw some prominent cryptos lose up to 80% of their value could soon be over.

The indicator’s mark lends credence to comments made this week by crypto investor Mike Novogratz, who claimed the market had finally found its bottom. Since then, the price of bitcoin is up slightly, though in crypto, where faith drives price, one can never know for sure whether such comments are just self-fulfilling prophecies.

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