Bitcoin price is well on its ways to touching its previous all-time high of $20,000, cryptocurrency exchange Kraken claimed in its latest Bitcoin Volatility Report (for October).
Kraken released it’s August Bitcoin Volatility Report 2 months ago. Then the cryptocurrency exchange sounded supremely confident about BTC registering higher highs as the year ends. In its October version of the same report, Kraken has maintained its bullish stance. November will see bitcoin log much higher price and volatility rallies. Also, BTC might as well be on the way to reclaiming the previous all-time high of $20,000.
Bitcoin Price And Volatility To Climb In November
If Kraken’s August Bitcoin Volatility Report is anything to go by, BTC has already left behind September’s crash in the rearview mirror and is on its way to register more ‘incremental volatility’.
The exchange pointed out that November has stood out to be the ‘third-best yielding month’ for bitcoin, on average. BTC has also showcased its best price-performance this month historically.
When it comes to monthly volatility, with 85 percent ‘average annualized volatility’, November stands fourth.
Kraken says that bitcoin will mirror its past November trend with regards to price and volatility this month too. But there’s a catch.
BTC dropped in the ‘suppressed volatility pocket’ on July 24 when the volatility figure plummetted to 23 percent. To keep the 8-year trend of November’s uptrend intact, bitcoin must revert back to its 315-day volatility moving average. 99 days have passed since BTC made the dip into the 15 – 30% volatility range. And the cryptocurrency risks dropping back in the pit again.
If bitcoin doesn’t galvanize back into action and volatility remains below 30 percent, the 8-year long 315-day moving average trend will not follow. But if BTC maintains its volatility numbers well above 30 percent, the cryptocurrency stands to clock as high as 66 percent wrt volatility, which in turn should boost prices too.
Read more: Crypto Potato