CoinNess.com Analysis: BTC Can Pave Its Way To $20k Within 4 Days In Theory
According to Jins, the in-house crypto analyst at CoinNess.com, for bullish investors, the opening position at $10,000 seems to be higher. However, compared with the BTC's volatility potential, there is actually the possibility of price doubling ($20,000) within four days.
From the respect of the trading volume and price between the end of 2017 and now, the 24-hour trading volume of BTC has experienced significant hiking since 2019, which once reached up to $34 billion and brought a high turnover. If BTC continues to maintain its current performance, a further promotion to the price will be shown.
After the price correction of BTC, its 24-hour trading volume expanded to $30.3 billion on June 24 with a wink after a shrinkage. That is to say, BTC is still very active and has the ability to maintain a trading volume of more than $30 billion.
From the point of view of turnover rate, the trading volume of BTC marked $34.8 billion while it's market cap read $142 billion with its price dancing around $8,000, which led to a turnover rate at 24%.
Generally speaking, when the turnover rate of BTC is up to 24%, the fluctuation amplitude will also exceed 20%. In other words, the bullish force will push BTC to increase by as much as 20% within a day. The longs open a position at $10,000, which indicates the BTC price is able to go up to $20,000 in 4 trading days at least.
Judging from the 5-day moving average, although BTC's volatility potential has reached a short-term high, there is still a big gap between the current price and its historical high. 2-day ROC has reached 32% in the short-term, with a potential of nearly 20% rise compared with the intraweek 49.47% increase in 2017.
Regarding the law of price operation in the bull market, investors with the sentiment of FOMO have not yet bought in a large number of BTC, so BTC's price volatility will not reach a record high. With the enthusiasm of investors who are boosted by the increase, BTC's intraday 20% increase is feasible.
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