cryptogazette.com
There are all kinds of bullish predictions about the price of Bitcoin these days. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $44,917.48.
Kraken Intelligence analyzes Bitcoin’s price potential this August as the king coin emerges from a turbulent three-month period.
According to the crypto exchange’s new report, “Bitcoin performed fairly well in July, rewarding holders with +18% returns, which is above the month’s historical average return of 11%.”
Kraken also points out the fact that August is typically not a high-performing month for Bitcoin.
“August is the second-worst performing month on record with an average and median monthly return of 2% and -7%, respectively. As a matter of fact, since 2011, August has outperformed July on only three occasions.”
Kraken also said that Bitcoin’s volatility has been slightly down as of late.
“With Bitcoin’s 30D rolling volatility (76.5%) fast approaching its 345D rolling volatility (73.1%) and volatility remaining in what looks to be an uptrend, one could expect volatility to drift slightly lower into August before eventually rebounding in the week(s)/month(s) that follow. In sum, history suggests volatility is on the horizon.”
Kraken also addressed Bitcoin accumulation.
“The ongoing accumulation tells us that this cohort sees upside from the current price, and BTC’s immediately available market supply is falling.”
Bitcoin’s price trajectory
Willy Woo has an important note to make about the price of Bitcoin these days. Check out his tweet below.
#Bitcoin price would need to move to $53k to address the demand/supply imbalance in the market.
— Willy Woo (@woonomic) August 8, 2021
He continued and said the following and posted this graph:
Posted 15th July when short term price action was sliding bearish. Fundamentals do not predict short term price, but given enough time price discovery reverts to fundamentals.
Exact value is $53.2k today, with a standard deviation band between $39.6k – $66.8k (68.5% confidence). pic.twitter.com/ZZuT9x9ZP2
— Willy Woo (@woonomic) August 8, 2021
Stay tuned for more news.