Matrixport in its latest research report noted that Bitcoin’s price volatility ranged between 20% and -10% over the last 30 days. The report reflects a significant trend in the largest cryptocurrency, revealing that when Bitcoin‘s price drops by 10% and buying occurs, it generally yields significant returns between 20% and 40% in the following weeks. This trend suggests that Bitcoin could continue to offer such profit opportunities as long as it remains in a bull market.
US Presidential Elections or Fed Decisions Could Be Crucial for Bitcoin
Matrixport’s research report emphasized that Bitcoin’s performance is closely tied to broader events and political developments outside the cryptocurrency market. Specifically, it was noted that former President Donald Trump winning the upcoming US presidential elections or the Fed deciding to lower interest rates could trigger a significant rise in Bitcoin’s price.
The company views these two potential catalysts as positive signals that could boost investor confidence and drive Bitcoin’s price upward.
Maintains Sensitivity to Uncertainties
On the other hand, the report also warned that the cryptocurrency market remains sensitive to various uncertainties. The results of the US presidential elections and the trajectory of economic growth were highlighted as key factors that could influence the market’s direction.
It is important to remember that any anticipated price recovery might be preceded by a 10% correction, similar to past trends, before Bitcoin continues its upward movement.
According to current data, BTC is trading at $56,495, down 0.28% in the last 24 hours. The data shows that the largest cryptocurrency has lost 4.33% in value over the past 7 days.
