Kraken: FOMO and action "whales" will contribute to the rise of bitcoin to new highs
The authors of the report note that October was the first month since April of this year when the correlation of bitcoin with the stock index S&P 500 did not update highs. Index rose to a seven-week high of 0.86 on October 16, before than fall to an annual low of -0.34 on October 30. Besides Togo, in October, there was a discrepancy between bitcoin and the VIX volatility index, which, according to Kraken, can serve as an early sign of separation cryptocurrencies from markets of traditional financial assets.
“While bitcoin continues to show signs of growing divergence from traditional financial assets, for global market participants is he will be remain an attractive alternative investment “, – say analysts.
Even before the recent movement market up to $ 16,000, the authors wrote: “If there will be steady demand for bitcoin as him strengthening between $ 13,000 – 15 000, existing and new demand may accelerate growth and cause loss of profit (FOMO) syndrome by the end of the year, which will help him rise to new historical highs. We expect accumulation bitcoin "whales" will become a driver of further growth “.