Bitcoin, the world’s largest cryptocurrency, is a fortune that can change the lives of millions around the globe.
Despite being highly volatile, BTC, grabbed the attention of many, especially since the coronavirus pandemic has effected the conventional financial markets and the global economy.
Bitcoin’s whooping growth of interest in the mainstream public, along with the institutional investors have become noticeable and global, in search of a safe haven.
Similar to many predictions, Kraken cryptocurrency exchange and it’s in-house intelligence team of experts have calculated a tremendous rally in the price of the major crypto-asset which is just around the corner.
Bitcoin jumped from $9235 to $11356 from 1st July to 31st July and grabbed the market cap of $209,165,345,431.
From July 27 till July 3, Bitcoin has reached $11000, almost 14.5% up since August 15, 2019. This event has almost started to insight a 200% growth in a few coming weeks or months before the ending of 2020.
The massive Bitcoin price rally in the last days of July saw a 44% of the $28.2 billion traded volume.
The U.S. based cryptocurrency exchange and crypto market analyzer in its latest report predicted the huge gains in Bitcoin (BTC) are expected soon which can lead the prominent cryptocurrency from 50% -200%.
Bitcoin Reflects Upcoming Higher Volatility Along Side Next Bull Run
Bitcoin is showing a next bull cycle almost 2.5 years later.
The report mentions a few points that signal the higher volatility is possible along with the higher move in BTC’s price. This time Bitcoin broke up and out of the pennant pattern formation in the last week of July signaling massive growth to follow on.
“The pennant’s resistance has been broken and also surpassed $10,500 and secured the higher-high in the macro trend.”
According to the data, historically, August is the most volatile month of the year, with a 9-year average annualized volatility of 88%. Due to this, the Kraken research desk predicts higher volatility will be continued along with the Bitcoin price surge in the next month as well.
The strong correlation between the S&P 500 and Gold with that of Bitcoin is also showing a positive uptrend since the pandemic ensued. The market participants of conventional markets are also turning to safe assets, cryptocurrencies, and majorly to BTC and considering it as a safe haven.
The interest in the cryptocurrencies and safe assets like gold is due to the increased government spending, monetary stimulus, mixed corporate earnings, inflation fears, and a weakening U.S. dollar.