It’s been revealed that crypto exchange Kraken released a report for the top traders to the public.
This predicts that the king coin could be at the beginning of a massive bull run.
The report revealed that the digital asset was finally able to break out of a large pennant pattern that has been keeping bears in control since the last part of the year 2017.
The crypto exchange says that this could breakout could show the fact that we’re at the start of a new bull cycle.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $11,727.48.
BTC volatility fell to 23%
The exchange also noted the fact that BTC’s annualized volatility fell to 23% on July 24th.
The report also made sure to highlight that every time Bitcoin’s annualized volatility falls between 15% – 30%, which Kraken calls the “suppressed pocket,” sharp moves to the upside are just around the corner.
Kraken says Bitcoin’s price history “seems to suggest that the late-July jump in volatility is merely the start of what is likely to be a new uptrend,” as cited by the Daily Hodl.
The exchange predicted Bitcoin’s volatility could soon rise above 100% as BTC “rallies somewhere between +50% and +200%” in the coming months.
“Of the 12 instances where annualized volatility bottomed between 15% and 30%, volatility has, on average, bottomed at 21% before climbing higher over the next three months (94 days) and topping out at 140%. Only on two occasions has Bitcoin posted a negative return from volatility trough-to-peak; on average, Bitcoin returns +196%…” Kraken says.
We recommend that you check out the complete report in order to learn all the details.
There are all kinds of bullish predictions about the price of BTC these days, so stay tuned for more.
Cointelegraph noted that the clear resistance levels are structured at $11,700-$11,800 and $11,950-$12,050.
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