A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
*NEW* BREAKING DOWN #BITCOIN’S BIG JULY JUMP
From July 27-31, $BTC:
📈 Rose 14.5%
📊 Traded $11B in volume
💪 Crossed $11k
💣 Saw annualized volatility surge
— Kraken Exchange (@krakenfx) August 11, 2020
The volatility of Bitcoin, indicates that the cryptocurrency has seen a more stable level of trading volumes and values over the oast 21 months. Kraken notes that this is a phase of non-volatility for the token (where the token’s movement has ranged between 15% and 30%) and historically this level has been followed by a rally.
Coupled with July’s recent surge in the cryptocurrency market and the historic movements in mind, Kraken predicts that Bitcoin price is heading towards a major upswing.
Bitcoin’s Record High In 2020 Important To Consider
As Kraken highlighted, the recent rally Bitcoin enjoyed is at an unusual time of year. Historically, July stands as one of the weakest months for Bitcoin price and trading. The uptick in price this year is only the second time in Bitcoin’s history that the month of July has seen such a strong performance. Between Monday, July 27 and Friday, July 31, Bitcoin crossed the $11,000 USD mark in almost a year, with more than $11 billion USD in trading volumes. This comes after a year without any positive inclines or strong volatility.
According to Kraken, this possibly positions Bitcoin to see much higher volatility and higher prices in the upcoming months. As per the report:
“Now that we are above $11,000, Bitcoin is trading in territory it has only been in for about 2.5% of its entire history. This may lead to higher volatility and higher prices as Bitcoin unlocks new levels of support and resistance and navigates uncharted waters… [The] volatility could exceed 100% as Bitcoin rallies somewhere between +50% and +200% in the months ahead.”