BITCOIN The Volatility Index is showing the way to 100k

22 AğuBitcoin (BTCUSD) undoubtedly shares a relationship with the Volatility Index (VIX), even though not 100% tight, being a speculative financial asset. Naturally the two are on a negative correlation, meaning that when volatility hits the market and VIX rises, BTC rises and vice versa, similar to what happens against stocks.

Following the massive volatility spike on the weeks of July 29 and August 05, VIX quickly corrected back to its 1W MA50 (blue trend-line), which has been its pivot line since the Channel Down started 2 years ago.

Bitcoin on the other hand is already significantly above its 1W MA50, as on the week of VIX's aggressive volatility, it managed to test it and held. Opposite to VIX, Bitcoin has been trading on an upward trend, illustrated on today's analysis by a Fibonacci Channel. Initially the 1.0 Fib has been its top but then when broken, it topped on the 1.5 Fib extension.

As a result, we expect that when VIX finally closes below its 1W MA50, it will seek its 1-year Support, the Diverging Lower Lows trend-line and that will propel Bitcoin to its 1.5 Fib extension again. If that takes place towards the end of the year, we expect 100k to have been reached.

Do you think this correlation model will materialize 100k for Bitcoin? Feel free to let us know in the comments section below!

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