- It was a mixed day for the cryptocurrency market on Thursday as Bitcoin experienced slight downward pressure while multiple altcoins put on double-digit gains as traders looked to secure positions in their favorite tokens ahead of a possible bull market runup.
Data provided by TradingView shows that Bitcoin experienced increased volatility on Thursday, with its price whipsawing to a high of $31,510 in the early hours only to reverse course and plunge to a low of $29,975 near midday before ultimately returning to support above $30,300.
Hazim pointed to the effect that Bitcoin halvings have on the market as the impetus for the increase in strength and token prices and said that traders should expect a higher level of volatility for the crypto market over the next year. On November 12, market analyst Rekt Capital tweeted, “Historically, BTC tends to bottom 517-547 days prior to the next Halving event. The next Halving is 536 days away.” This trend held true as BTC price bottomed out nine days later and has been climbing the wall of worry ever since.
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Source: CryptoAmb - 🏆 22. / 68 Read more »