Volatility Analyst Makes $20,000 BTC Price Tag Prediction

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RESULTS

Although Bitcoin has been trading with intense volatility over the past few weeks, it appears to be flat on a macro scale. The benchmark cryptocurrency has been trading within the same $3,000 range for the past five months. This has caused its macro volatility indicators to fall to record lows.

A well-known volatility analyst, Mohit Sorout, has purported that a breakout is just around the corner and that it will be an explosive one. Sorout believes that this breakout could send Bitcoin to the $20,000 price mark over three months if the breakout occurs to the upside. Mohit Sorout is a founding partner of Bitazu Capital and a crypto fund manager.

According to the analyst, Bitcoin has hit a low level that is rarely seen in Bitcoin’s history, with events like this occurring only once a year.

Although this indicator doesn’t necessarily indicate a bullish or bearish price dynamic, it is very likely to swing in favor of bulls given its historical reaction to low volatility. That said, he stated that investors should expect a new YTD high.

In other news, BTC remains unfazed following last week’s OKEx saga. Although the price witnessed a mild sell-off at the break of the news, bulls were quick to swoop in and prevent any further losses below $11,300.

Key BTC Levels to Monitor in the Near-Term

Bitcoin continues to trade within the $11,600 – $11,284 consolidation range, after a very uneventful weekend. On our 4-hour chart, BTC is trading with the 50-day SMA towards the upside. That said, the major hurdle to scale remains the $11,600 range top, followed by the $11,800 resistance and the $12,000 psychological level.

On the flip side, a break below $11,000 could strengthen bears once more.

Total market capital: $359 billion

Bitcoin market capital: $211 billion

Bitcoin dominance: 58.7 %

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