Bitcoin Interest Is On The Rise, And A Breakout For BTC’s Price Is Around The Corner
The crypto market is looking great today with most of the coins trading in the green.
The most important coin out there is no exception, and at the moment of writing this article, BTC is trading at $9,344.21.
Since the halving that took place back in May, Bitcoin has been consolidating above $9,000.
Just the other day, Bitcoin saw a rise in price and the altcoins went up as well. Interest in Bitcoin is on the rise as well.
Bitcoin’s fundamentals are strong
Charles Edwards, Founder of Capriole Investments, said that Bitcoin’s fundamentals have never looked better.
“I have a very bullish outlook in the mid to long term. For example, the energy value is at all-time highs, suggesting BTC is more valuable than ever before. When this is increasing, it is historically very bullish,” he said as cited by Forbes.
This longer-term indicator is suggesting that the bulls are around the corner.
Forbes continues and addressed the volatility of Bitcoin: “Bitcoin’s tightening volatility is not a new phenomenon, and occurred from late-September to early-November 2018, which ultimately broke out to the downside, falling from $6,500 to $3,400.”
Forbes also notes that there’s a quantitative risk indicator value that has been dropping quickly coupled with compressing price volatility.
It’s been also revealed that the only other time this dynamic unfolded was back in November 2018, and this could mean that a stark price fall is on the horizon.
“The caveat is that this signal has only occurred once before, thus suffers from a small sample size,” Forbes writes.
We recommend that you check out the complete original article in order to learn more details.
This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.
I don’t think I would want to be on the sidelines going into this but low time pref 🧠
— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020
There have been various predictions claiming that today, Bitcoin could break out.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.