Bitcoin’s volatility has plunged as of recently, which opens the doors for another significant price move, according to market analyst Jim Wyckoff.
This “collapse in volatility” suggests a much bigger price move is right over the horizon—maybe yet this week.
Wyckoff describes Bitcoin’s recent price action as “choppy, quiet, and sideways.” The top cryptocurrency has been see-sawing within the same trading range ever since it recorded its third-biggest gain in history on Oct. 25.
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Considering that Bitcoin has been remarkably stable on Tuesday, it’s not far-fetched to predict that another major price move could be happening as early as this week.
The analyst points out that Bitcoin bulls have a ‘slight’ advantage as of now, which means that the top coin might be ready to breach the much-coveted $10,000 level. However, the bulls are not out of the woods just yet given that each attempt to touch the aforementioned has so far resulted in a failure.
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Crypto trader ‘Altcoin Psycho’ says that he’s becoming bullish as long as Bitcoin holds its current level. According to CoinStats data, BTC is currently changing hands at $9,309 after recording an intraday high of $9,421.
$BTC
The longer the bot stays in it’s long, the greater the likelihood we see another leg up from here.
Slowly becoming bullish if we can hold this level pic.twitter.com/MPM25PFzHR
— Altcoin Psycho (@AltcoinPsycho) November 6, 2019
However, Bloomberg reported that Bitcoin had entered the overbought territory, meaning that buyers’ exhaustion could lead to another significant price drop.
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