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Bloomberg analyst Mike McGlone expects Bitcoin's volatility to continue to decline


Bloomberg chief commodity strategist Mike McGlone attended to Twitter to predict that continued price compression will likely be resolved in favor of bulls.

The analyst says that the current configuration of the leading cryptocurrency has looked similar to previous earnings.

Bitcoin's volatility remains low

Bitcoin's volatility, which is measured by BitMEX's BVOL24H index, has held below 2 for the past four days.

This is a nearly 97% decline from March 13, which was the most volatile day for the Bitcoin price in 2020.

image by tradingview.com

Bollinger Bands continue to tighten on Bitcoin's four-hour chart after many days of sideways turmoil.

Bitcoin is now comfortably above the 20-day SMA, approaching the upper band after the price of BTC rebounded along with US stocks in a better-than-expected jobs report.

image by tradingview.com

McGlone expects bulls to take control

McGlone states that Bitcoin will continue to record boring candles as it is gradually being converted to digital gold.

Despite this maturation, McGlone still expects Bitcoin to experience more volatility by the end of the year and take its current all-time high by the end of the year.

As recently reported, former hedge fund manager Mike Novogratz said the price of # 1 cryptocurrency could rise to $ 14,000 faster than expected after exceeding $ 10,000.

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