Analyst: Bitcoin price is high but showing low volatility, which may be a bullish signal

Key points:

• Skew data shows that since the creation of Bitcoin, its price has exceeded $11,500 for only 93 days, which means that most Bitcoin holders are currently profitable.

• Experts believe that Bitcoin’s high price and unusually low volatility could be a strong bullish signal.

According to Decrypt on October 19, the price of Bitcoin is currently over $11,500 and still rising. It is undoubtedly a good day for Bitcoin at this stage. In fact, according to data from cryptocurrency analysis company Skew, today is one of only 93 days in the entire history of Bitcoin. Researchers pointed out that since the emergence of Bitcoin, its price has exceeded $11,500 for only 93 days.

Quantum Economics analyst Pedro Febrero noted that this means that if the holder had bought Bitcoin on any day outside of these 93 days, he would currently be profitable.

In addition, Skew researchers also highlighted the fact that this is the first time that Bitcoin's price has hovered above $10,000 but has been volatile. Febrero explained that this usually means that Bitcoin's price will consolidate within the current trading range.

Conversely, if we see increased volatility, it could mean that Bitcoin is ready to continue its move to the upside (more likely) or downside. It is unusual for Bitcoin to be above $10,000 and have such low volatility, as past experience has shown that Bitcoin above $10,000 has been associated with periods of high volatility.

Febrero explained that when Bitcoin is trading above $10,000, it is usually followed by a sharp rise, so it seems a bit unusual that Bitcoin is back above $10,000 with such low volatility. He also said:

Interestingly, this also means that Bitcoin has found strong support above $10,000 - a particularly bullish sign.

Perhaps, as prominent cryptocurrency holder Hodlonaut has repeatedly said over the past few years, “We will never see Bitcoin below $10,000 again,” this prediction has finally come true? In any case, Bitcoin maximalists (people who believe that Bitcoin is superior to other cryptocurrencies) can dream.