A few days after the Deribit exchange launched bitcoin options for June 2020 and established the probability of BTC exceeding its historical maximum by June 20 at only 4%, the main cryptocurrency completely changed the landscape of the cryptocurrency market.
On October 25, one of the most significant leaps of 2019 was recorded, when the coin added more than 35% in 10 hours, raising the value of the coin from $ 7,674.85 to $ 10,350. The cryptocurrency market also benefited from this price rally, as Ethereum, XRP and Litecoin also showed double-digit profits.
The Bitcoin price movement (BTC) changed the mood on the platform, with the most noticeable change in metrics observed in relation to the probability index of the royal coin.
It's back: expectations of BTC> $ 20k in June 2020 jumps from 4 to 10% in only three days pic.twitter.com/g0QMz7HdF7
– skew (@skew_markets) October 27, 2019
The recent rise in bitcoin prices has had a significant impact on the likelihood that the cryptocurrency will reach $ 20,000 by June 2020, now the probability of this event is estimated at 10%. The increased likelihood suggests that traders' interest in the BTC market has returned, which was facilitated by a return above the $ 9,000 mark. At the time of writing, the coin was valued at $ 9,502.
In recent weeks, bitcoin price volatility has been steadily declining, especially after the crash on September 24 and October 23, as a result of the last BTC fell below $ 7,400. After this event, many analysts were sure that in the near future the main cryptocurrency will not be able to cross the level of the record high of 2019 . However, in just 48 hours, a powerful take-off occurred, which dramatically increased the coin's volatility.
For comparison, on October 24, price volatility was noted at a low level of 56.9%, however, on October 27, this indicator rose to 79.7%. At the time of publication, the Bitcoin market continued to inspire hope for a bullish movement.
As often happens, a sharp rise in price was not expected by almost any of the cryptanalysts. It seems that the market is driven by hidden price manipulations, which is why it is difficult to say how long this trend will last, but the upward movement of BTC on a global scale does not raise any doubts.
Publication date 10/29/2019
Share this material on social networks and leave your opinion in the comments below.