This is the age when virtual currencies are doing good. More and more users start using it in different countries, and that is why the prices of various virtual currencies are increasing at frequent intervals. With time the demand is rising, which is leading to an increase in rates. The markets have seen huge volatility in the last few months, and this month is also expected to be exciting for the traders. In this regard, many experts are expecting some volatility in Bitcoin price ahead of its monthly close. Let us look into some of the top reasons that may contribute to the high volatility situation in Bitcoin price.

Consolidation phase of bitcoin:

Bitcoin reached its yearly high price recently when it touched $12486 on Coinbase. However, after that, the price fell back, and it is struggling to break $12000 again. It is observed that whenever the price consolidates for a long duration without giving any breakout in either direction, volatility can spike up in the market. Any small range leads to a bottleneck situation, and it is likely to break out in one or both directions in the near term.

Options contract expiry:

The options contracts are expiring shortly, and this can also lead to high price volatility in the market. The open interest in the market is not as high as the pasta months, and millions of dollars worth options are waiting for expiry. In most cases, this leads to a lot of volatility in the near term, and even technical experts are looking out for such a possibility.

Selling pressure at $11900 levels:

Even though the price of Bitcoin has increased a lot on a yearly basis, it is not holding beyond $11900 levels, which is a cause for concern. Most experts believe that when the resistance levels are very strong, the BTC needs to cross it convincingly and hold above the level for a few weeks. Till then, it will keep facing selling pressure, and it may form a lower high on the charts.

These factors are influencing the price of Bitcoin in the market in recent weeks. All these factors can lead to a significant breakout in any direction, and traders need to be cautious while taking big positions. It is always a good idea to hedge your positions during such events as you will be able to limit the losses if the price moves in the opposite direction.

This article deals with everything regarding how Kim Dotcom predicted that BTC will be the one to rule along with the fact that he also said how the US dollars will have no value at all.

The Details on the Prediction that Kim Made

Kim Dotcom is a digital rights activist and an Internet Entrepreneur. He congratulated his Twitter followers who purchased Bitcoin after he advised them to do so back in 2018. On the 17th of August, a tweet was published saying that the founder of Megaupload, a now-defunct file-sharing website, also applauded for its followers who successfully capitalized on the rising cost of gold.

Kim Dotcom Thinks that the Traditional Currencies will loose Their Values in Future

In August 2018, Kim put a piece of advice to his followers that they should purchase gold and Bitcoin. He also added that the United States dollar bills will hold no value in the future and also the economy of the country is holding a great potential of heavy downfall. His gut feeling says that the BTC will take down all the traditional currencies.

Not Everyone was Moving According to Kim’s Advice

However, there is one user who actually debunked what Kim Dotcom had to say. He claimed that the ones who took his words seriously did actually nothing fruitful apart from doing something useless. To this Dotcom replied to this saying that he must be a novice.

Some More Details on Kim’s Enlightenment

As of press time, at present Bitcoin is trading higher than 12000 USD but on the other hand, gold has revived over 2000 USD within a few weeks. Kim Dotcom is well known for keeping a high interest in the world of cryptocurrency.

The Declaration Made by a Crypto Exchange

Bitfinex, a cryptocurrency exchange made an announcement on the 22nd of October that its IEO, which is the acronym for Initial Exchange Offering, the platform would be proffering digital content monetization token. It is known as K.im in partnership with Mr. Dotcom. But, the business made a very sudden cancellation of the token sale on the 5th of November mentioning the altering face of the controlling survey over such tokens.

That was an overall idea about the prediction regarding the domination of Bitcoin in the upcoming future and forever, made by the popular Internet entrepreneur Kim Dotcom.