Bitcoin, which made a good entrance to 2023, reached over $ 31,000 during the year.
While some technical indicators show that the bull has started in BTC, Bitcoin still did not show the bullish performance that investors expected. So much so that BTC fell below $ 29,000 with the decline experienced yesterday.
As investors continue to be nervous about whether more drops are coming in BTC, good news came from the anonymous server of the YouTube channel InvestAnswers.
Stating that the bull has started in Bitcoin, the analyst said that there are signs that BTC may be about to explode.
Analyzing Glassnode's data, the analyst stated that Bitcoin showed low volatility, saying that this means that investors should be patient for the rise.
“Low volatility is, believe it or not, a sign of a bull market.
And historically, Bitcoin has a history of making large-scale exits almost every time after a period of low volatility.
And in fact, Bitcoin's current level of volatility is the second-lowest ever recorded.
The other case where it was lower was in 2017, and this most recently was just before the bull run that took Bitcoin to $20,000 began. Then we watched it go from $3,000 to $20,000 very quickly.”
The analyst lastly stated that other periods of low volatility fluctuations in Bitcoin occurred in May 2016, April 2019, February 2013 and November 2020, and said that price increases came after these dates.
*Not investment advice.