Bitcoin on the cusp of "great adoption", BTC price will rise by 200%

The analytical department of the Kraken cryptocurrency exchange, Kraken Intelligence, published a report for July 2020, according towhich, the Bitcoin cryptocurrency rate may grow in the range from +50% to +200% in the coming months.

According to the document, for the first time in 2020, Bitcoin trading volume amounted to more than $11 billion, and annual volatility rose to 45%.

Kraken Intelligence emphasized that August is historically the third most significant month on record, with an average annual volatility of 88% over 9 years.

“Given the repetition of history, as well as the fact that 24July, volatility fell to a 21-month low of 23%, in the coming months volatility may exceed 100%, as Bitcoin will grow in the range of + 50% to + 200% ", - reported in the report.

Bitcoin price growth catalysts

Analysts advise keeping an eye on the following events as possible catalysts that could affect the price of bitcoin:

August 31, 2020 Settlement of Bitcoin futures on CME BTCQ20;
September 10, 2020 ECB Monetary Policy Meeting;
September 28, 2020 Settlement date for Bitcoin futures on CME BTCU20;
September 30, 2020 Atari launches cryptocurrency casino;
October 2020 FATF Summit to discuss international cooperation in the regulation of financial markets;
Q3 2020 Whinstone US & Northern Bitcoin AG launches 300 MW mining center;
Q3 2020 Pilot blockchain-based HKMA and PBoC central bank trade finance platform.

Growth up to $ 700,000

Despite the fact that Kraken decided not to namespecific numbers that Bitcoin could reach by the end of the year, the cryptocurrency exchange previously said that the price of Bitcoin is capable of reaching $700,000 over the next 25 years, subject to the influx of large amounts of capital.

In particular, Kraken believes that the millennial generation (ages 24 to 39) and generation X (40-55 years old) will pump up Bitcoin’s capitalization to almost $1 trillion by 2050.

This transition period has been called the "Great Bitcoin Adoption" at Kraken.

At the time of this writing, the price of bitcoin BTC / USDT is $ 11,724.

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