The price of Bitcoin (BTC) is over $ 11,500 today and is rising all the time. According to cryptocurrency analysis firm Skew, it is one of only 93 days in the coin’s entire history.
– skew (@skewdotcom) October 19, 2020
“Bitcoin only spent 93 days, three months, starting above its current price of 11.5k. dollars “
Skew researchers noted.
Pedro Febrero, an analyst at Quantum Economics, noted that if you bought Bitcoin on any other day than the 93 days, you either hit or are very close to making a profit.
The Skew researchers also highlighted the fact that Bitcoin’s volatility is so low for the first time, when it is above $ 10,000. This usually means the price will consolidate in the current range, Febrero explained.
On the contrary, if we see an increase in volatility, it could mean that btc / usd was preparing for a big move either up (more likely) or down. When Skew mentions it is unusual to see btc / usd above $ 10,000 with volatility so low, meaning that when Bitcoin was trading above $ 10,000, these were periods of high volatility. “
Has BTC finally found strong support?
Febrero explained that since Bitcoin costs over $ 10,000 during large upward shifts, it is somewhat unusual for BTC to show such low volatility.
“Interestingly, this could also mean that btc / usd has finally found strong support above $ 10,000 – which is an extremely bullish sign.”
– He said.
Perhaps “we will never see Bitcoin below 10,000 again. dollars “? These are the words ironically repeated by the famous cryptocurrency personality Hodlonaut over the past few years. Will his prophecy come true? What do you think?
We will never see Bitcoin below $ 10k again.
– hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) September 28, 2020
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