Bitcoin (BTC) Headed for Massive Price Moves Soon, According to This Metric

Although typically regarded as a volatile asset with major price fluctuations, bitcoin has been stuck in a tight range for the past several days.

However, all that could change in the following days, at least according to similar historical developments.

Aside from a price dive on May 12 to a two-month low, BTC’s recent performance has been rather uneventful.
The asset went to a high of $27,600 last week and then dipped by a grand, which was the most substantial price move of the past ten days or so.
Somewhat expectedly, the 7-day price range of the cryptocurrency has gone into rarely-seen territory. Glassnode informed that this metric is at 3.4% now, which is “one of the tightest of the last 3 years.”
Although rare, this development is not without previous examples. The analytics company provided a few of those, including one in July 2020 and another early this year (January 2023), both of which were followed by substantial price moves.
After the July 2020 stagnation, bitcoin went on a massive run that resulted in smashing the previous all-time high and charting a new one several months down the road. Following the January 2023 example, BTC shot up once again, albeit in a more modest fashion.
Another similar situation transpired in late 2021 and early 2022. That one, though, was followed by a significant price retracement that drove BTC from its ATH of $69,000 to under $30,000 in a few months.
Given the historical developments, Glassnode suggested that more volatility is in the cards for BTC but failed to make a prediction of whether it will be up or down.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Source link

You might also like

Comments are closed.