“Perhaps One More Shake Out Break, Then Thrust Higher”
Bitcoin recorded a low retracement towards $26,500 in the last 24 hours after testing the $27,000 region in weekend trades. Bitcoin (BTC), which started to move in the narrow band after the second half of May, led to an increase in the views that a breakout movement in the market could start soon.
While the next move of Bitcoin is eagerly awaited, popular analyst Peter Brandt, who became famous for his predictions on Twitter, shared his final opinion on Bitcoin price action. Brandt warned that a correction could come before an upside move is seen in Bitcoin. Stating that this is just a personal opinion, Peter Brandt emphasizes that according to the current outlook, a downward trend can be seen in BTC before an upward price breakout occurs.
Perhaps one more shake out break, then thrust higher. But hey, that’s just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turn and run, protecting your wallet.
In addition, the analysis firm Glassnode, referring to the price squeeze in Bitcoin, emphasized that the BTC price movement in the last week has created one of the highest compression rates seen in a 3-year period. Glassnode emphasized that previous similar price squeezes were seen in July 2020 and January 2023, and in both periods, volatility increased significantly and large price movements were recorded. Crypto markets are on the eve of high volatility, led by Bitcoin, according to the blockchain analysis firm.
The 7-day price range (3.4%) #Bitcoin has consolidated within is one of the tightest over the last 3yrs. It is comparable to Jan 2023, and July 2020, both of which preceded large market moves. This suggests high volatility is likely on the horizon.
Parallel to the price movement in Bitcoin, the low central stock market volumes continue to remain on the crypto agenda. Blockchain data also noted that in weekend transactions, the volume of transfers on the Bitcoin network dropped to $2.73 billion per day. These lows are compared by optimists to lower network yields recorded before the bull market entered 2021.
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