Cryptocurrency

Bitcoin price Explosion by 200%? The report by octopus predicts flowery times for BTC investors

Kraken has released a report that predicted that the Bitcoin price will skyrocket in the coming months, between 50% and 200% above.

In the report it is noted that the Bitcoin exchange rate on 24. July, a 21-month low, the volatility of 23% recorded. Furthermore, it is found that on the 12 the historic volatility lows of BTC (between 15% and 30%) in General, a rally by an average of 140% is followed.

Source: Kraken-Report

Since August is usually the “third-most volatile” month-to-Bitcoin exchange rate fluctuations, is Kraken, the Bitcoin by the end of July generated upward momentum will continue for several months.

A Bitcoin price rally of 196% follows now?

Kraken stressed that the recent Bitcoin price rally have made this July the second-strongest since 2011. The exchange emphasized in its report that the July is normally the third-weakest month for Bitcoin.

The jump of Bitcoin by 14.5% between the 27. July and 31 December. July have driven the overall performance of the month, an increase of 24%, and the market for continued momentum positioned as Kraken.

Before the July had resulted in what the report describes as a “suppressed pocket”, with low volatility. Ten of the 12 previous cases in which the Bitcoin exchange rate had these characteristics, followed by rate increases of over 196%.

Kraken is estimated that 44% of the total trading volume, were made in July in the last seven days of the month.

BTC correlates with Gold

The report also notes that the rolling 30-day correlation of Bitcoin with Gold on 31. July jumped to a one-year high of 0.93 is increased.

This increase took place after the monthly correlation at the 2. July was on a ten-month low of -0.66 compared like – what language-the predictions, that Gold and Bitcoin emerge as a popular “safe havens” during the COVID-19 pandemic and the recession, progressively more would develop.

Now we see how even large funds and companies in Bitcoin as a Hedge against the rising Inflation that threatened the US Dollar benefit. So, for example, the MicroStrategy that you have recently purchased Bitcoin in the value of 250.000.000$. The customers and users of the popular Cash App by Square already bought Bitcoin in the value of 1.500.000.000$.

And how your Portfolio looks Plan? You invested in Bitcoin, and you already have the amount of Bitcoin that you set out to achieve?

Always remember that, as we saw in yesterday’s article noted above, is significant large jumps in the Bitcoin exchange rate occur quickly and suddenly. Therefore, your Plan of sequence and should pass it you are missing in an investment strategy, then look at our Bitcoin savings plan.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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