Most popular cryptocurrency is experiencing less severe fluctuations in the price and is located in a zone of low volatility. These are signs that bitcoin can reach a price floor, say analysts at Bloomberg Intelligence.
In October, the bitcoin market was only one day when the price deviated by more than 5%, while in January and February there have been nine.
“Low volatility is a sign of the end of speculation, and, ultimately, the achievement of the bottom – analyst Mike McGlone (Mike McGlone). High volatility is a major factor that reduces the most cases of using the cryptocurrency for anything other than speculation”.
With this opinion agree and head of the London-based company Atlantic House Fund Management Charlie Morris (Charlie Morris).
“Low volatility suggests the calm and balance in the market, and also indicates a lack of speculative interest. Considering the ten months of grueling bearish sentiment, the next step will be bullish,” he believes.
Price bitcon fell more than 50% this year. In October, it remained approximately at the level of $6300 compared to a maximum of $19 511 in mid-December.
“Today’s bitcoin market is relatively stable, – said the Executive Director of applications for cryptocurrency transactions Plutus Daychopan Daniel (Danial Daychopan). Emotional traders have been washed away by the recent disaster, along with greater volatility”.