Analyst Predicts New Bull Rally for Bitcoin

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In his latest tweet, professional trader Scott Redler assured that another bull run for the Bitcoin (BTC) cryptocurrency will begin in the foreseeable future. According to the opinion of the expert and his colleagues, which they voiced in the comments, the virtual currency has already reached its local price bottom and the price will go up soon.

In September 2022, Redler predicted that the price of BTC could fall to $10,000 if it does not hold the $17,600 level, which remains the 2022 low. However, at the moment, the bulls managed to save the rate of the virtual asset from falling below the key value.

In the last month, digital gold has shown extremely low levels of volatility. As of 10:10 am Moscow time on October 24, bitcoin was trading at $19,333. This is 0.25% higher than a week ago and 1.4% higher than a month ago. Capitalization amounted to $370.57 billion.

According to experts from U.Today, last week the volatility of bitcoin showed amazing stability. For the first time in two years, this indicator fell below the same level of the S&P 500 index.

At the same time, extremely high volumes of derivatives trading were noted. According to analysts, this could indicate that the market will soon budge. For example, Arcane Research expert Vetle Lunde also said that the bitcoin rate is on the verge of another “explosive” rally.

Many traders recalled that the value of the flagship cryptocurrency has fallen by more than 70% from its all-time high of $69,000, reached in November 2021.

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