KRAKEN PREDICTS IMMINENT $23,000 BITCOIN (BTC) RALLY!! CHAINLINK TARGETING $32 BY END OF 2020!!

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Kraken $23K BTC

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Major United States-based crypto exchange Kraken has released a report predicting that the Bitcoin (BTC) price will rally by between 50% and 200% in the coming months.

The report notes that Bitcoin posted a 21-month low for volatility on July 24 of just 23%, and stated that BTC’s 12 historic volatility lows (of between 15% and 30%) have typically been followed by a rally of 140% on average.

With August usually the third-most volatile month for BTC price fluctuations, Kraken is predicting that upward momentum produced by Bitcoin at the end of July will continue for several months to come.

Kraken emphasized that Bitcoin’s recent rally resulted in the second-strongest July for BTC price performance since 2011, noting that July was usually the third-weakest calendar month for Bitcoin.

Bitcoin’s 14.5% jump between July 27 to July 31 drove the month’s overall performance to a 24% gain, positioning the market for continued momentum, according to Kraken. Prior to the move, July produced what the report describes as a “suppressed pocket” of weak volatility.

Ten of the 12 past instances of Bitcoin entering a suppressed pocket have been followed by gains exceeding 196%.

Kraken estimates that 44% of July’s total trade volume transpired during the final seven days of the month.

The report also notes that Bitcoin’s rolling 30-day correlation with gold jumped to a one-year high of 0.93 on July 31.

The spike comes after the monthly correlation fell to a 10-month low of -0.66 on July 2, contradicting predictions that gold and Bitcoin would emerge as popular “safe-haven” assets and move in-step throughout the COVID-19 pandemic and recession.

In other trending Bitcoin News today:

Analyst: Chainlink Targeting $32 by End of 2020 Amid Booming DeFi Market

ChainLink’s (LINK) raging bull market may have more upside potential, according to one alternative investment analyst.

Timothy Peterson, a chartered financial analysts, says LINK, which is now the sixth-largest cryptocurrency after posting gains of over 500% in a year, appears ready to continue its parabolic rally and move higher by the end of 2020. 

“Did some quick analysis of Chainlink‘s network growth rate and historical deviations in price put LINK at $32 by end of year.”

At that price, however, Peterson stresses that LINK would have difficulty sustaining it’s bullish momentum.

“Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

ChainLink is a decentralized oracle network that connects real-world data such as interest rates and exchange rates to smart contracts on the blockchain.

The boom in the decentralized finance (DeFi) over the last few months has helped fuel the growth of parallel projects like ChainLink.

Michael Anderson, the co-founder of Framework Ventures, tells Forbes that the importance of oracle networks has become more apparent now that billions of dollars are locked up in DeFi products that rely on smart contracts.

“We believe the value of LINK will track the value of the smart contract platform it is securing, meaning the long term market cap of LINK will eventually be larger than Ethereum’s current market cap today.”

DeFi Pulse shows that from early June, the total value locked in DeFi protocols grew from a little over $1 billion to almost $5 billion.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://www.coindesk.com/coinbase-to-offer-bitcoin-backed-loans-to-us-customers

https://cointelegraph.com/news/boom-kraken-predicts-imminent-bitcoin-price-rally-of-up-to-200

https://kraken.docsend.com/view/grpqdjb9c3h59i87

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