Is $20,000 next for BTC? Traders stay distinctly conservative on Bitcoin.
Regardless of its staying power, Bitcoin’s recent surge higher contrasts strongly with the distinct absence of volatility witnessed since the FTX implosion in early November.For on-chain analytics firm Glassnode, such behavior was arguably due a shake-up sooner rather than later, especially given its persistence through the 2022 yearly candle close.
“The 2022-23 holiday period has been historically quiet, and it is rare for such conditions to stick around for long,” it wrote in the latest edition of its weekly newsletter, ““Past occasions where BTC and ETH volatility was this low have preceded extremely volatile market environments, with past examples trading both higher and lower.”
Calling the phenomenon a “volatility slumber,” Glassnode added that “on-chain activity for the two majors remains extremely weak, despite a short-term bump following FTX.” “Using both on-chain activity, and realized cap drawdowns, it is safe to say that the excesses of H2-2021 has been largely expelled from the system,” it concluded.
“This process has been painful for investors, however has brought market valuations closer to their underlying fundamentals.”The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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