The real BTC breakout hasn’t happened yet according to the volatility parameters as the number one cryptocurrency has undergone a massive rally in the past two weeks. From the lows set after the news emerged regarding OKEX, the leading cryptocurrency surged higher by about 25% and it is now trading at $13,800 so let’s read more in today’s latest bitcoin news.
Despite the rapid move to the upside, not all analysts are convinced that the real BTC breakout has occurred. Bitcoin could soon see even more explosive movement if this really is the case. Despite the rapid move to the upside, not all of the analysts were convinced that the real BTC breakout occurred. A crypto-asset analyst shared a chart below and shared the sentiment that Bitcoin’s volatility is still off the lows. The charts show Bitcoin’s one-day volatility index since the start of the year and volatility looks like it’s still far below the highs that were printed during March’s 60% correction.
$BTC saw these prices in Dec 2017 then once in Jun 2019. We're here again today but volatility hasn't even started picking up.
Yes this time is different. pic.twitter.com/Oejq9NFEKJ
— Mohit Sorout 📈 (@singhsoro) October 28, 2020
A crypto-asset analyst shared the chart below on October 31st, sharing the sentiment that Bitcoin’s volatility is still barely off the lows. The chart below depicts BTC’s one-day historical volatility index since the start of the year. As can be seen, volatility is still far below the highs that were printed during March’s over 60% correction. The analyst suggested that if BTC breaks the trendline depicted in green, it will start a movement of macro importance. While the current trends suggest that there will be a move to the upside, BTC could reverse lower from here if another liquidity crisis is to happen. Bitazu Capital’s Mohit Sorout believes that the volatility results in a strong move to the upside and showed how the macro volatility is compared to historical levels now.
The actual breakouts are expected to take Bitcoin above $20,000 as a crypto analyst “Light” shared that the number one cryptocurrency could see the price discovery over $20,000 once the retail investor’s comeback in the crypto space:
“The retail segment is not overheated whatsoever currently. It will be soon though. Price is leading public interest. This is a telltale sign of smart money entering while retail has their heads buried in the sand. Once the latter catches up to the former, we’ll be in price discovery over $20,000.”
Tyler Winklevoss as well as other investors in the space believe that Bitcoin will surpass $20,000 by the end of 2020 and now bitcoin is on a 45% rally away from hitting this milestone.
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