Bitcoin price volatility hits 2021 high as one analyst paints $15,000 target

There’s no doubt about it: The Bitcoin market has been experiencing some major volatility in the past week. As the market continues to recover from its 2018 lows, bitcoin is up more than 200% from the $3,100 price point it hit in January. However, the market has fallen more than 10% in the past week alone, and many in the crypto…

Bitcoin price volatility hit a fresh 2020 high on Tuesday as one analyst painted a “bullish short term picture” for the world’s largest cryptocurrency. Bitcoin (BTC) price volatility tracker Bitvol.info showed the coin’s 20-day historical volatility rate climbed to 50.2 percent Tuesday, its highest level since Dec. 26, 2017 (50.4 percent) — when the cryptocurrency was trading at $9,979, according to CoinDesk’s Bitcoin Price Index.

Just one analyst’s predictions won’t show you the whole picture. But when a few of them get together to analyze bitcoin prices, you can be sure they’ll have a much bigger effect on the market. The latest of these collective predictions is that bitcoin prices will reach $15,000 by the end of the year. And while you may think that might be a stretch, consider the fact that other analysts are predicting that the bitcoin price will hit $10,000 by the end of 2017.. Read more about bitcoin price prediction 2025 and let us know what you think. The current scenario in the crypto currency market is only suitable for traders with an extremely high risk appetite. But analysts advise disgust to be patient and cautious. The outlook is bright for Bitcoin (BTC) and Ether (ETH), the leading cryptocurrencies in terms of market capitalization, which more or less act as locomotives for the rest of the cryptocurrency market. On Wednesday, ETH/USD’s realized volatility on the 30-day time frame approached 2017 highs, Skew data show. The realized 30-day volatility of bitcoin and ethereum peaked in 2021. Source: ByBt.com, Skew. At the same time, according to ByBt.com, bitcoin’s 30-day volatility reached its highest level in a year, suggesting that the benchmark asset remains exposed to sharp price swings over the next few sessions. Simply put, the first two crypto assets have a chance to move in either direction with a higher degree of volatility. All of this can mean both aggressive gains and losses for day traders.

Buying in a declining market

This volatility warning comes as both Bitcoin and Ether have shown incredible recovery moves after the recent price drop. With the decline, the BTC/USD exchange rate has fallen more than 50% since it hit the $65,000 mark in April, a correction caused in part by Elon Musk’s anti-bitcoin tweets and last week’s confirmation of China’s ban on crypto-currencies. Ethereum, which currently has a positive correlation coefficient with Bitcoin of about 0.88, has trailed the underlying digital assets in a downward correction. The market valuation of the second-largest cryptocurrency has fallen by up to 60 percent from the record $4,380 reached in mid-April. But bulls saw an opportunity in these price declines, allowing bitcoin and ether prices to recover by 36.12% and 68.52% respectively from their local lows. Some analysts expected the upward correction to continue due to favorable macroeconomic catalysts, mainly concerns about inflation. Technician Katie Wood, who heads Ark Investment Management, reiterated her goal of $500,000 for bitcoin after last week’s plunge, saying the drop was a very good time to buy. Ark’s Katie Wood sticks to her $500,000 bitcoin goal #TheBusinessweek https://t.co/9eBp5M39Zi pic.twitter.com/VeSRF5fplm – Businessweek (@BW) 19. May 2021 However, many traders have also cautioned against buying during the downward correction phase, especially after a one-year rally, increasing the risk of profit-taking by long-term investors. Analysts at advisory group BiotechValley Insights said bitcoin fell sharply even after the U.S. consumer price index rose to 4.2 percent, saying the cryptocurrency market is currently going through a period of anxiety. I think bitcoin still has a long way to go, an analyst at BiotechValley wrote in a note. I think he’s slowly rolling down the slope of the heap, with occasional jumps. I think he’s slowly rolling down the slope of the heap, with occasional jumps. The group called for a price target of $15,000 to $16,000 for bitcoin.

Reduced risk appetite? Hold

Koroush AK, an independent market analyst, took a more measured approach. He advised traders to wait for a significant rebound above short-term resistance levels before setting their market price. Excerpts from his tweet: After a market decline of over 60%, it takes more than a small rebound for me to change direction and return to a bull market. Be careful until we reach $45,000 BTC and $3,400 ETH. I’ll be patient. You don’t have to catch exact lows or sell exact highs to make money. The recent increase coincided with a rise in the number of bitcoin futures contracts outstanding from $11 billion to $11.88 billion, indicating a steady increase in positions in the derivatives market. Meanwhile, since the price collapsed at 19. Mai closed out more than $12 billion in long positions.Bitcoin’s price volatility has hit a new high, with the digital currency’s value reaching its highest since 2011. The news comes as one analyst predicted bitcoin could rise to $15,000 in the near future. The cryptocurrency reached a high of $9,387 Wednesday after the U.S. Commodity Futures Trading Commission said it would allow bitcoin futures trading on two exchanges. It has since dipped to $9,090, but is up from its low of $5,920 on Dec. 1, according to CoinDesk.. Read more about bitcoin prospects 2021 and let us know what you think.

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