We are back with all of you to continue sharing information about the events in the cryptocurrency market, it is worth mentioning that this time we will talk about the forecasts that analysts have been making about the potential volatility that the Bitcoin price action will experience in the month of November.
It is inferred that one of the lowest volatilities in history means that Bitcoin has found a temporary role as a stablecoin; indeed, some of the major fiat currencies are currently more volatile, however, the longer the status quo continues, the more convinced commentators are that there will be a major trend change.
This week is as good a week as any, they argue: macroeconomic data, geopolitical instability and classic volatility around the monthly close are all factors at play in shaking up a decidedly dull Bitcoin market.
Bulls have a lot of work to do to make sure that breakout is to the upside. Multi-week trading ranges offer strong resistance, while behind the scenes, miners suggest that a capitulation could take everyone by surprise sooner rather than later.
The Fed and the ECB are in the spotlight, as Van de Poppe's promise of a "big" week in terms of macroeconomic developments is likely to pay off on October 28 due to the release of the US Personal Consumption Expenditure (PCE) index for September.
SOURCES CONSULTED
Cointelegraph. Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this week. Link
OBSERVATION:
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Alot of Bear has been experienced for quite a while now and it has affected several portfolios and wallets. Bitcoin turning a new live to being bullish is the long expected dream, not just for Bitcoin alone but for that altcoins too.
Thanks for the info and sharing with us on this community. Love you mate.