Boom Kraken Predicts Imminent Bitcoin Price Rally of Up to 200%

 After record strength in the Bitcoin markets at the end of July, Kraken is predicting that BTC could see price gains of up to 200% over the coming weeks and months.

Major United States-based crypto exchange Kraken has released a report predicting that Bitcoin (BTC) 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.

 

Late-July Bitcoin rally defies history

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. 

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