In a report released on August 4, ARK Invest’s on-chain researcher David Puell reveals factors that could lead to another Bitcoin rally. The report, titled “The Bitcoin Monthly: July 2023,” provides an in-depth analysis and distinguishes between Bitcoin’s current situation and what the future holds for the largest cryptocurrency by market cap. Some Positives For Bitcoin Puell highlights how Bitcoin’s tepid 90-day volatility shares similarities with 2017 levels. According to the report, this prolonged low volatility usually represents the ‘calm before the storm,’ with Puell speculating that a significant price movement will likely happen soon. However, whether it will be a breakout or a breakdown remains uncertain. Related Reading: Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years There is cause for optimism, though, as the decrease in hash rate on the blockchain provides an optimistic signal. The decrease could signify oversold conditions – whereby Bitcoin is currently trading below its actual worth, and considering that it has traded at an undervalued price for a long while now, we could see an upward tre ..
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