A popular crypto analyst thinks one metric is showing signs that Bitcoin (BTC) could be about to explode on a massive bull run.
Looking at a chart from crypto analytics company Glassnode, the anonymous host of InvestAnswers tells his 446,000 YouTube subscribers that Bitcoin’s low volatility means it is a good time for traders to be patient with their investments.
“Low volatility is a sign of a bull market, believe it or not. And Bitcoin has a history of going on massive runs almost every single time after a period of low volatility. And in fact, Bitcoin’s current level of volatility is the second-lowest ever on record. The only time it was lower was back in 2017…
The last time this happened was right before the bull run started that took Bitcoin up to $20,000. We watched it go very quickly from $3,000 to $20,000.”
The analyst also notes that other periods of low volatility happened in May 2016, April 2019, February 2013 and November 2020, all of which preceded price increases.
According to the analyst, BTC’s recent shallow price movement demonstrates its low volatility. Bitcoin is trading at $29,193 at time of writing. The top-ranked crypto asset by market cap is down 0.17% in the past 24 hours, 0.91% in the past week and around 6% in the past 30 days.
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