An analysis of traders’ recent trading operations indicates increased fluctuations in the value of the asset on the eve of significant political and economic events, explained Derive.
“Volatility patterns across different dates show that traders are preparing for high turbulence in the coming weeks, but are unsure about the direction of price movement. There is a one in three chance that on the last day of voting in the US, Bitcoin could show fluctuations of more than 10% or even 20%,” experts announced.
In their opinion, short-term volatility is now ahead of long-term volatility, and in the week before the last day of voting, Bitcoin will quickly respond to the results of the will of American voters.
Bets on Bitcoin reaching $80,000 continue to rise, with traders now looking to make the most of premiums amid rising volatility, analysts say.
Earlier, the director of cryptocurrency research at Standard Chartered, Geoff Kendrick, suggested that immediately after summing up the results of the American presidential election, the price of Bitcoin could exceed the historical maximum of $73,000.
Source: Bits
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