"Periods of low volatility precede periods of high volatility"
As you probably know,bitcoin investors in the past few monthsrolled on a crazy roller coaster. However, since around the last week of May, the trading range for bitcoins has narrowed significantly (from $ 30,000 to $ 40,000). Indeed, since about the second half of June, the trading range has narrowed even further (from about $ 28,000 to $ 35,000). The July 12 CNBC headline reads: "Cryptocurrency Trading Volume Falls Due to Falling Interest After Bitcoin Price Falls." June's daily maximum volume was down more than 42% from peak trading volume in May, according to the report. However, Bitcoin speculators should remember this quote from one of our classic Global Market Perspectives: "Periods of low volatility precede periods of high volatility." This is about the stock market, but the same principle applies to other widely traded risky assets such as cryptocurrencies.
Therefore, it will not be surprising if the volatilitywill return to bitcoin price dynamics sooner rather than later. Of course, the question arises: will there be the first upward movement? Way down? And what will happen after? As you may know, Elliott Wave Analysis allows you to be successful because the markets move along their patterned trajectories. Another factor that we keep a close eye on is investor sentiment, which is currently bearish towards Bitcoin. Our chief cryptanalyst, Tony Carrion, discusses this in July's Global Market Perspective, pointing out that bitcoin speculators suffered $ 3.45 billion in realized losses from a sell-off that started in April peaking around $ 65,000 to a low of $ 28,000 in June. In our July Global Market Perspective, Tony also goes into detail on Elliott's Bitcoin price wave structure to show you where Bitcoin prices might jump first when volatility returns. This is where the tires meet the road.
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