Bitcoin $BTC, Ethereum $ETH implied volatility targets multi-month lows. Bullish? Analyst joshua_j_lim shares his take Bitcoin Ethereum
The analyst noticed that, as Bitcoin and Ethereum are changing hands in the middle of yearly price range , large-scale players are not interested in buying.
As such, there is no major catalyst for Bitcoin volatility active right now. Bitcoin's implied volatility dropped from 90 to 70 in less than two months.Historically, when implied volatility metrics bottom and start surging again, it is a huge positive driver for the price of the asset. Major reversals were registered in October 2020 and April 2021.
The entire picture does not"scream buy" for the analyst but still looks attractive in the mid-term perspective. Once the implied volatility metric rockets, it can almost double in weeks. Bitcoin, the flagship cryptocurrency, is changing hands at $42,790 , while Ethereum added 1.24% and attempts to hold above the $3,300 level.Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
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