Despite August Rollercoaster, Bitcoin Still up 30% Since July
Aaron Suduiko, head of research liquidity provider SFOX, says market volatility is increasing but the way it has been doing so may be a bullish sign.
“What we've seen since the late-July rally are BTC/USD price increases, followed by smaller, relatively quick drops—one pattern with which that's historically been consistent is profit-taking during a broader trend of price increases,” said Suduiko.
Bitcoin is up 30% since the start of July, and Suduiko notes an array of factors for being bitcoin bullish. “In the context of sustained trading volume, increased signals of institutional entry and worries about the potential devaluation of the dollar, it's possible that this may represent broader interest in bitcoin's value rather than a fluke run-up in price,” he said.
“What we've seen since the late-July rally are BTC/USD price increases, followed by smaller, relatively quick drops—one pattern with which that's historically been consistent is profit-taking during a broader trend of price increases,” said Suduiko.
Bitcoin is up 30% since the start of July, and Suduiko notes an array of factors for being bitcoin bullish. “In the context of sustained trading volume, increased signals of institutional entry and worries about the potential devaluation of the dollar, it's possible that this may represent broader interest in bitcoin's value rather than a fluke run-up in price,” he said.
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