December 12, 2019, Boris Johnson’s Conservative party has secured a majority by seizing seats from the Labour party in its traditional heartlands in the north and midlands. Johnson remains prime minister and should now be able to get his Brexit deal through parliament. Based on my metrics and research, a large scale move is possible in Bitcoin’s prices. The Brexit was supposed to finish in March but didn’t proceed well. Britain not leaving the EU at that point caused a large rally in Bitcoin when prices climbed from $4000 to $5200 in a matter of 28 hours. In early October 2019, Bitcoin dropped from 10,500 to 7900 in a week. A few weeks later BTC rallied from 7500 to 10,200 and these fluctuations of $500 — $1000 due to political events and Brexit can impart its consequences too.
Bitcoin so everyone can see Being 30 3300 high being 13,500. The midpoint is about $8,000. And here we sit at 7200. So for all this is right in the middle of the bell curve next here’s a one year chart of the British pound, low being 119 high being 133 current is 132. The midpoint here is 125.
In March when they push the proverbial can down the road, the Pound stop going down and Bitcoin took off for a monster rally from 3300 to almost 13,000. As the deadline for the October secondary referendum came about. They started diverging. Another major event coming ahead is a federal reserve meeting which brings the count of major global political events to two. The Federal Reserve basically underperforming also became a driver in bitcoins sell-off in the late summer.
In a three month chart, Bitcoin, down 30% pound up 10%. So we’re getting the picture here. And finally, I just price this out in this is just simply bitcoin price in pounds. You can see that their numbers are pretty they’re nice. numbers the high was 10,500 support is 5000 it’s currently 5474 priced in pounds. So 5000 pound Bitcoin equates to $600 last, which is 6600.
The total crypto market cap is right now 297 billion the coin genius 15 index has risen a little less than 1% over the past weeks and since our last genius Wednesday to echo the volatility expectation. The volatility index on a range of zero to 100 is now at 27. So, volatility is low. l. The other thing that stands out to me is that the breadth and depth of the coin genius 15 which is the 15th largest cryptos by market cap are at 69%.
So, breath continues to be fairly positive in the market at the same time that we have this, this compression and volatility. There is one thing which is observable in every market — commodities, currencies, fixed income, blockchain equities and is known to most investors — is this is a calm before the storm where volatility is compressed. The blockchain index and Bitcoin will not be in the same place as it is today, and there’ll be a significant change in its prices. The coming weeks can show.