According to CoinDesk, The cryptocurrency rose roughly 10% in the month of June and traded between $9,000 to $10,000. As a result, Bitcoin reached 45.60% on June 30, marking the annualized 30-day volatility. The volatility now is much lower than it was in the February 18.
Analysts have been predicting that bitcoin’s price might recover after the digital currency experienced the “halving” on May 11, but that doesn’t seem the case now.
“Most of the expectation regarding a price rise from the halving, is expected later on and not immediately following the halving—given that to an extent some of this was priced into bitcoin prior to the actual event taking place,” says John Todaro, director of digital currency research for TradeBlock.
He also added, “ It’s similar to the record price rise in 2017 when bitcoin hit an all-time high—this record run-up took a year after the 2016 halving,” added Todaro.
Jake Yocom-Piatt, project lead for Decred stated that bitcoin prices would rise because of the halving but the time-frame of when it would happen was still unknown. He said that if miners who are struggling, the amount of bitcoin they are selling is significantly reduced, so it’s just a matter of time until the sell side of the market decays.
“Miners that are struggling financially due to the halving will capitulate and the mining market will consolidate further, likely leading to less selling from the miners that remain,” he stated.
While the volatility of Bitcoin remained very low, the market saw gains previously. So there’s a hope that BTC will gain it all back eventually.
