The United States-based crypto exchange Kraken has released a report predicting that Bitcoin (BTC) will rise between 50 and 200 percent in the coming months.
The report noted that Bitcoin experienced its lowest price surge of 23 percent in twenty-one months on July 24, and saw an average price rise of 140 percent, following a 15 to 30 percent drop of 12 percent in BTC history.
Bitcoin rally reaches record high at end of July
Kraken stressed that Bitcoin’s latest rally was its second strongest July performance since 2011. He noted that July was a weak process for Bitcoin under normal circumstances, and this time it was showing a strong upswing.
Kraken estimates that 44 percent of total trading volume in July was within the past seven days.
BTC in association with gold
The report also said Bitcoin’s 30-day correlation with gold jumped to 0.93 on July 31, its highest level in a year.
The increase came after the monthly correlation fell to -0.66, a 10-month low on July 2.
