Kraken predictions are here 👇
🔶 The price of the №1 сryptocurrency, having risen above $10,500, broke the downtrend, which has lasted since the end of 2017. Now the coin is worth more than $11,000. It traded above this value for only 2.5% of its history.
🔷 There are 12 examples when the volatility of the bitcoin price rose sharply up to 140% after dropping to 15–30%, Kraken added. At the end of July this indicator dropped to 23%. Soon, it may return to growth and exceed 100%. In addition to this, August has historically been a turbulent period for the cryptocurrency, the average annual volatility of its rate was 88% this month.
🔷 Macroeconomic factors play a role, analysts said. Concerns over the health of the global economy have fueled increased demand for defensive assets. Against this background, gold and bitcoin rose in price, the correlation between which quotations reached 93% in July.
🔶 In late July, Bitcoin broke out of a large, 2.5-year “pennant” formation. Many people believe that the move could indicate the start of the next bull cycle. Further, the price settled above $10,500, so it could support the upward trend.
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