[2020-03-23] Bitcoin will continue to be volatile over the next few months

[asu]

Bitcoin will continue to be volatile over the next few months - Michael Novogratz

Over the past two weeks, the leading cryptocurrency has witnessed massive swings in the midst of the global pandemic. On 12th March, bitcoin witnessed one of its worst days as the price nosedived below $4,000 before recovering to $6,000. The price has been highly volatile over the last months. Galaxy Digital CEO Michael Novogratz also opined that bitcoin will continue to remain volatile over the next few months. He posted on twitter "$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year"

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[webtricks]

Volatility is basic tendency of Bitcoin. Here is the data for the past five months:

October, 2019: Swing of $2600 (~ 35% of the lowest monthly price)
November, 2019: Swing of $2700 (~ 42% of the lowest monthly price)
December, 2019 : Swing of $1300 (~ 20% of the lowest monthly price)
January, 2020: Swing of $2400 (~ 34% of the lowest monthly price)
February, 2020: Swing of $1800 (~ 22% of the lowest monthly price)

I hope you got the idea. There is nothing special about the prediction from Michael. Even a junior school student can predict that Bitcoin will remain volatile over next few months. Unless, he specifically mention the volatility levels, there is nothing special in this article.

[fudster]

Its been volatile since time, I can't remember it being stable at all. But yes thanks to Novogratz for reminding us over again. Obviously its going to be volatile since the virus are going to make people jobless before mid year. I doubt those who are holding BTC are still going to hold when there is the need for them to buy supplies for food in the next 6 months.

[cr1776]

And the sun is hot.

Bitcoin has been volatile all along and it will remain so until the market expands.  If ever the US and others have ETF type products that bring in hundreds of billions of dollars (or euros etc) to the market that will help bring stability since it will allow large amounts of capital already in the capital markets to enter (and exit) bitcoin without having to use external exchanges.  

While the market is large right now compared to 10 years ago or 5 years ago, it is still not large enough with enough large players to be stable.

[Quidat]

Since when BTC isnt volatile? Its been volatile since from the beginning.We might see some sideway movements but the price is moving.
We can differentiate somehow when it comes to dumps and pumps.Intensity or level of volatileness is unpredictable.No chart nor fundamentals would
able to have high precision on predicting prices.Worst days? there are lots and come to think that there are also lots of golden days where btc
able to hit peak price or ath.

[bbc.reporter]

When did bitcoin stop its volatility in its whole listed history in exchanges? It would be similar for him to say that he will eat breakfast now then go to the bathroom later hehehe.

[Lucius]

I tried to read the article, but the site is not loading - the internet is under heavy load lately.

We all know that from time to time, some people need to go public and say something about the price of BTC, Michael Novogratz is no exception to this rule. I take it as a free promotion for him and article + earnings for a page that publishes such news, so it's a win-win situation for them.

I leave the possibility that MN actually thought of volatility which is extreme (40-50% drops), which means that we can expect to go down to the $4000 zone again (or even lower), only for reason that COVID-19 still need to hit with full power countries like UK&USA.

[hugeblack]

He must redefine the word volatility to judge his analysis. What is meant by it? Is it the usual changes in prices, i.e., moving an average of 5% to 10% of all changes? Or does it mean to collapse by more than 30% during the day or week?
I do not like to be pessimistic, but with the uncertainty that prevails in the world, we may see crazy fluctuations in the coming months, and perhaps a break of unconventional levels at $ 20,000 and $ 1,000.