A report from Kraken analyzes recent movements in Bitcoin (BTC), which initiated a bull run during the month of October. And he is rather optimistic about the months to come…
Bitcoin (BTC) will soon exceed its „all time high“?
This is the conclusion of the Kraken report , which was released recently. He indicates that the price of Bitcoin Compass has been particularly volatile: starting from $ 10,384 in early October, it reached its record for the month at $ 14,080 on October 31. Since then, we know of course that Bitcoin has exceeded these levels, with a lasting breakthrough above $ 15,000 : it is trading this morning against $ 15,377:
In addition, the report recalls that the correlation between Bitcoin and the S&P 500 is at its lowest in October, at -0.43. This would indicate that BTC “ is breaking away from traditional financial assets“ . Which is a pretty good sign for the future of cryptocurrency.
A bull run that will continue for Bitcoin
October was the third most successful month in Bitcoin history , considering the median performance of BTC. Which makes Kraken say that the price will continue to climb in November, and even beyond:
“With Bitcoin hitting a 33-month record, with another price record after 3 years of downtrend, […] a breakout above $ 20,000 looks likely in the coming months. “
The indicators therefore appear to be green for Bitcoin, which took advantage of the uncertainties surrounding the US elections to boost its price at the beginning of November. However, it should be noted that yesterday it experienced a significant drop after it was learned that a vaccine against Covid-19 was viable . If he manages to exceed $ 20,000 in the coming months, he will however beat his all-time high of 2017.