Recent Bitcoin Stability Amid Crypto Market Volatility is Paving the Path to a Positive Price Trend
This weekend marked the speculation for what caused Bitcoin prices to drop. While it was found that a sell order of 5000 BTC on BitStamp caused BTC’s overall price to drop. It ended up having a domino effect on BitMEX, trading platform that was criticized for poor liquidity. In addition, many crypto fanatics were sharing their arguments as to why BTC’s price might further drop or rise.
As per news outlet, Crypto Briefing, BTC’s price might take on a positive and increasing trend. Data obtained from Coin Metrics was used to strengthen their opinions. Here’s is an overview of what was shared:
The current volatility level supposedly matches that of July 20th, 2017, as seen in the Table below. After a period of five months, December 2017, that’s when BTC’s value reached USD$17,700. The volatility level supposedly increased up until February 2018, eventually dropping to a local minimum on November of 2018. This was when BTC sat at roughly USD$6,350 reports Crypto Briefing.
Table 1: Looks like BTC's points on four specific dates, July 20, 2017, Feb 27, 2018, November 14, 2018 and May 16, 2019. This provides a theory worth considering, which notes that when volatility levels hit a local min, it implies a bull run and a local max implies a local max.
Source 1: Complied by Crypto Briefing, Originally Found on Coin Metrics
A month later, BTC hit bottom low, sitting at USD$3250. This was the last of it, as BTC has since increased in price by 23%, while volatility increased by 42%. All this being said, it seems like the assumption is that an increase in BTC price could potentially be correlated with BTC volatility in the same direction.
Another assumption, which is too soon to confirm given the lack of data points used here, is that when volatility reaches a local minimum, then we can expect a bull run, and a local maximum implies a bear market.
What are your thoughts on a potential bull run, now that this perspective has been provided along with BTC’s current parabolic trends as previously reported by Bitcoin Exchange Guide (BEG)? Share away in the comments below!
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Bitcoin’s price is $63,275.90 BTC/USD exchange rate today. The real-time BTC market cap of $1.18 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $22.58 Billion and live coin value change of BTC 0.66 in the last 24 hours.
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