David Puell, an on-chain researcher at Ark Invest, today shared his insights in a detailed report, offering a nuanced perspective on Bitcoin’s current standing and future prospects. The report, titled “The Bitcoin Monthly: July 2023,” addresses several key topics that are central to understanding the current state of Bitcoin. These topics include a comprehensive market summary, an analysis of Bitcoin’s low volatility and whether it indicates a potential breakdown or breakout, as well as a discussion on the impact of the Federal Reserve’s tightening policy as a leading indicator of price deflation. Ark Invest’s Near-Term Bitcoin Price Prediction Puell’s analysis reveals a mixed, but mainly bullish outlook for Bitcoin, with the cryptocurrency ending July at $29,230, above its 200-week moving average and its short-term-holder (STH) cost basis of $28,328. This suggests a strong support level for Bitcoin, indicating a potential upward trend, notes Puell. However, Bitcoin’s 90-day volatility, which dropped to 36% in July, a level not seen since January 2017, presents a neutral outlook. Puell explains, “Based on its low level of volatility, we believe the Bit ..
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