Analytics / Forex and Crypto News
February has proven to be a volatile month for Bitcoin. It can be compared to April 2020. Until February of this year, April was considered the most volatile month. Bitcoin's volatility index reached 114,51% on February 8, the highest since April 10 last year, according to Blockforce Capital.
This is quite expected since, in February, the rise in the price of Bitcoin reached 78%. If on February 1, the price of Bitcoin was approximately $32500, then on February 21, Bitcoin was trading at around $57500. Then the BTC rate began to fall again, and at the end of February, the price of the cryptocurrency dropped below $44000.
If you track the rate of Bitcoin since the beginning of this year, you can see that the price has almost doubled. Many crypto sphere proponents are optimistic. For example, Morgan Creek co-founder Anthony Pompliano generally believes Bitcoin could skyrocket to $1 million.
Vinnie Lingham is also forecasting a rise in the BTC rate. However, his scenario is more conservative. The same analyst believes that the largest digital currency will be able to test values above $100000 by the end of next year.
Today the BTC/USD pair is trading in the $49000 area. The price could not hold above the level of 51000 and also did not receive support above the level of 50000.