Bitcoin News

Panxora CEO Gavin Smith comments Bitcoin’s lack of volatility

As noted in Coin Rivet’s daily technical analysis, Bitcoin is enjoying a period of relative calm following the turbulent sell-off in March that saw it fall to as low as $4,000.

It continues to establish a level of support beneath the $10,000 mark, which can be considered bullish considering it has recovered by more than 100% in three months.

According to Gavin Smith, CEO of cryptocurrency consortium Panxora, the lack of recent volatility is “unsurprising”.

He added: “Since Black Thursday on March 12th, Bitcoin seems to have reached relative stability. That said, the experienced traders will know that pro-longed periods of calm have often signified a dramatic price swing on the horizon – in either direction.

“While Bitcoin is set for a multi-year upwards trend following the Halving in May, the climb won’t be plain sailing. Therefore, investors should proceed with caution as the fall could be steep.”

At the time of writing Bitcoin is trading at $9,735 one of its most stable weeks of the year as it struggles to make a major move in either direction.

However, as noted by Gavin Smith, the period of stability will likely come before a moment of extreme volatility, which could take out the $10,500 level of resistance on the fourth attempt as the impact of reduced supply from the halving begins to take hold.

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

3 weeks ago