Ark Invest, the company founded by Bitcoin supporter Cathie Wood, released its monthly Bitcoin report today.
The report titled “The Bitcoin Monthly” states that Bitcoin's 90-day price fluctuation index has reached its lowest level since 2017.
In the report prepared by Ark Invest analyst David Puell, it was stated that low volatility could lead to significant price fluctuations that indicate a potential collapse or breakout in the coming days.
“Bitcoin's 90-day price volatility index dropped to 36% in July, a level not seen since January 2017.
Based on the low volatility in Bitcoin, we believe that the Bitcoin price could be prepared to move significantly in any direction in the next few months.
This could mean a significant price move, but the direction – up or down – is uncertain.”
Stating that the 200-day moving average in Bitcoin is $ 29,230, the analyst said that this is a strong support level for BTC, indicating a potential bullish trend.
In his analysis, David Puell stated that although the data in Bitcoin gives a bullish hint, he also stated that there is uncertainty lurking in wait that can bring a decrease for BTC.
Accordingly, although the data in BTC indicates a potential rise, regulatory uncertainty, pressure and macroeconomic forces are the stones on Bitcoin's bullish path.
*Not investment advice.
