Crypto money giant Kraken published its report for August yesterday. Kraken commented on Bitcoin’s performance in August in this report and “Will Bitcoin rise?” tried to answer his question.
While Bitcoin is trying to keep the $ 10,000 level, investors are wondering whether the price will rise or not. In the monthly report published by Kraken yesterday, a general evaluation was made about the Bitcoin price. This report says, “Will Bitcoin rise?” Of course, he does not give a definite answer to the question. But it still gives investors some tips.
Based on Bitcoin’s past performance, Kraken calculated how much the BTC price changed in which month. As a result of this work, the stock market realized that September is not good for Bitcoin. Because BTC is losing an average of -7% in September. Bitcoin performs much better in the remaining months.
According to the Kraken team, Bitcoin could lose even more than -7% in September this time. The reason for this is that Bitcoin is already below monthly averages this year. Meanwhile, a decrease in volatility can be expected in the coming weeks. Because 9 years of data show that the average volatility of Bitcoin in September is 61%. This means that September is much more quiet compared to the others.
What Awaits Investors?
Although Kraken expects the Bitcoin price to decline this month, it makes a different forecast in the long run. Stating that the volatility level may rise in the coming months, Kraken said; expects this to be reflected in the price. Taking historical data into account, Kraken summarizes this process as follows:
“The annual volatility of bitcoin has dropped to the 15% -30% range 12 times in the past. Following this decrease in volatility, an average increase of 140% was achieved and Bitcoin gained an average of 196% in 94 days. As of the end of August, 38 days have passed since we saw the 23% bottom volatility level on July 24. Meanwhile, volatility rose 44% and BTC price increased 25%. If history repeats; We can see a bigger increase in the coming months. “