Multiple cryptocurrency experts recently expressed that Bitcoin (BTC) has finally found the bottom. Mike Novogratz was amongst them, saying that BTC was already at its lowest in mid-September.
Bloomberg has joined the pack now with its latest analysis of Bitcoin’s price volatility. According to the revealed data, Bitcoin had only a single price-swing day in October (with changes of +/-5% or more). This is particularly interesting when compared to previous months. Bitcoin was swinging for 5 days in July, 7 in March and 9 days each in January and February.
Experts suggest that this low volatility of late confirms that Bitcoin, in fact, DID find its bottom.
It is also “a sign of speculation leaving the market and eventually a bottoming process.” – as Bloomberg Intelligence analyst Mike McGlone explained.
Charlie Morris of the London-based Atlantic House Fund Management agreed with this conclusion, adding:
“Given this bear market is now 10 months old and is getting tired, I’d be inclined to be bullish for the next major move.”
Morris also expressed that in his opinion “the market is calm and in balance,”
The past 10-or-so months has certainly changed a lot in the cryptocurrency world. But despite the price drops – there are definitely positive sides to this story:
“the cost of the emotional traders has been washed away by the recent crash, and with it a lot of the volatility.” – Danial Daychopan, Plutus CEO.
We couldn’t agree more.
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