BTC Price Striving to Hit 200%David Kemp
We all know how some crypto market analysts feel about the trends and tendencies that are constantly occurring in the crypto market – all keep analyzing and researching the data. In many instances, crypto specialists tend to rely on previous statistics and, according to them, figures they see in the past can effectively help them foresee many future events.
July proved that the top-ranked crypto’s price continues to gain strength. Professionals like Kraken’s team believe that the cryptocurrency could once again face gains of up to two hundred percent over the upcoming months and weeks.
Kraken is one of the leading crypto exchanges based in the USA that has made some certain predictions related to Bitcoin. As the team says, the crypto is likely to start rallying by between fifty percent and two hundred percent in the nearest several weeks.
Participants and all crypto holders are now actively discussing and analyzing thereport that states that the cryptocurrency posted a twenty-one-month low for volatility at the end of July of only twenty-three percent and reported that Bitcoin’s twelve historic volatility lows of between fifteen percent and thirty percent have been followed by another rally of one hundred and forty percent on average.
This month might also be one of the most volatile months this year. It will demonstrate the crypto’s price fluctuations. This aspect is one of the major parts that make Kraken think that upward momentum will keep on occurring for a few months to come. Analysts say that it started at the end of the previous month and will last for quite some time now. The rally that the crypto market saw last month might have defied history.
Analysts Support Kraken’s Viewpoint
Many mass media outlets emphasize that the cryptocurrency’s latest rally led to one of the strongest price performances in the past nine years. Journalists note that last month was relatively a weak month for the crypto. Its over fourteen-percent statistics drove July’s overall performance to atwenty-four-percent gain.
What happened actually positioned the entire market for continued momentum. Before the movement started, the previous month generated what the data regards as a ‘suppressed pocket’ that weak volatility demonstrated. Ten of the twelveprevious instances of the cryptocurrency that managed to enter that territory have been followed by impressive gains that exceeded one hundred and ninety-six percent.
The exchange states that the team has estimated forty-four percent of July’s total trade volume. This amount transpired during the last week of the month. Another important aspect that many specialists mention is that the cryptocurrency seems to correlate with gold. Several major reports describing the situation announce that crypto rolled a thirty-day correlation with the precious metal and spiked to a one-year high of 0.93 two weeks ago. This incredible jump might have come after the latest correlation of the month dropped to a ten-month low of -0.66 at the beginning of July.
All these figures contradict numerous predictions of experts who believe that gold and the crypto could soon emerge as some of the most preferred and favored assets that the crypto market has been looking for to resolve issues that COVID-19 brought to our society. How accurate and precise all these predictions are depends on several major factors. We should also remember that the crypto industry is a sensitive area and all that occurs outside affects and influences it.
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