A popular cryptocurrency analyst has recently predicted that the current calm in the market could be a precursor to a colossal surge in the price of the flagship cryptocurrency Bitcoin ($BTC), based on data from on-chain analytics firm Glassnode.
The host behind the YouTube channel InvestAnswers, which currently has around 446,000 subscribers, told his audience in a recently published video that Bitcoin’s current low volatility may be an opportune moment to exercise patience, noting that low volatility may not be an indicator of stagnancy, but a preamble to a potential price explosion, harking back to Bitcoin’s historical trends.
In his vídeo, the host said that low volatility is a “sign of a bull market” and that the flagship cryptocurrency has a “history of going on massive runs almost every single time after a period of low volatility.”
Per the analyst, Bitcoin’s current volatility is the “second-lowest ever” level on record, with the only time it was lower being in 2017, before the flagship cryptocurrency entered a massive bull run that saw its price go from around $3,200 in a bear market low to roughly $19,000 at its peak.
The analyst further supports his forecast by highlighting similar periods of tranquillity in May 2016, April 2019, February 2013, and November 2020, all of which prefaced significant upticks in the Bitcoin price chart.
Notably various analysts have been bullish on BTC over the last few weeks. As reported, the CEO of a cryptocurrency financial services titan managing over $2 billion in assets has recently suggested that the price of Bitcoin could, according to historical precedents, break the $100,000 mark by 2025 after the halving.
Earlier, London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.
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