While there are some signs that we may soon see a rise in the price of bitcoin (BTC), some analysts believe that volatility will continue. Traders bet short on the price falling below the $ 20,000 mark. However, we note that the price of bitcoin (BTC) has recently consolidated at $ 20,000, which is positive according to some professionals.
Bitcoin (BTC) has been less volatile in recent days
Recent data on the BTC / USD pair indicates an upward or downward breakout as a near – term outlook. At the same time, bitcoin (BTC) was noted to be volatile on the third day of July 7th. Venturefounder, a participant with the CryptoQuant chain analytics platform, made a statement about it on Twitter two days ago.
He declared: “Bitcoin: strong consolidation at $ 20,000, this may not last forever, the triangle is ready to break up or down.“. “BTC break above $ 21,700 is higher, break below $ 18,800 is lower, next move is likely to determine the direction“, he said.
These are bullish signals on the relative strength index (RSI) of bitcoin (BTC). These signals usually indicate the next state of the BTC market. The current RSI chart is therefore a key point of reference. During this time, bollinger bandsa technical analysis indicator that traders use to predict the direction of an asset price trend, the return to volatility.
Opinions from traders and analysts are mixed
Traders and analysts are currently on the alert when it comes to telling what direction the trend in the cryptocurrency market could take. For many professionals, the consolidation in the price of BTC over the last few days really shows The calm before the storm. The crypto-currency trader Ninja said: “Not sure yet with this type of price action.“. He said : “Under $ 20,600 […]the atomic bomb is not over.“.
Meanwhile, cryptocurrency trader Tony has suggested that a rise in bitcoin (BTC) and altcoin prices may take longer than expected. He said on Twitter: “Personally, as for my worst case update, I do not think that we will see the start of the next pulse until the end of next year with a new bull running high until 2024 – 2025.“.
You would think that the recently observed bitcoin (BTC) price consolidation to $ 20,000 indicates a bullish trend. However, analysts and traders urge caution. According to many of them, volatility is very likely to start again with more ardor, especially since Bollinger bands indicate that they are back.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.