Bitcoin (BTC) Signal Is Suggesting A 60% Move Incoming
The crypto market looks pretty bloody today, with most of the digital assets trading in the red.
Bitcoin’s volatility has been dropping to a level that has historically triggered a big move in either direction – the battle between bulls and bears takes place near the key psychological level of $9,000, as the online publication the Daily Hodl puts it.
Bitcoin has been consolidating above this level for almost two months now, and ever since the May halving there has been various optimistic prediction about the price for the king coin.
At the moment of writing this article, Bitcoin is trading in the red, and the most important digital asset is priced at $9,101.74.
Bitcoin’s volatility is approaching a historical low
In a new post, crypto trader Josh Rager says that Bitcoin’s historical volatility is approaching a low that has previously signaled an incoming violent reaction from the coin.
Bitcoin historical volatility (HV) nearing 40$BTC volatility this low has historically led to major price action between 30% to 60% movement in the following weeks
From current price:
30% move to the upside is $12,200
30% move to the downside is $6,500
Put your seatbelt on pic.twitter.com/ERzWudn547
— Josh Rager 📈 (@Josh_Rager) July 12, 2020
Someone responded with: “More likely to the upside unless traditional markets dump hard. Although people like to think they will give unemployment and the Great Depression second dip. Most of what I see makes zero sense so wouldn’t be surprised to see traditional markets stay up or within a range for a bit.”
Dave the Wave popular crypto figure, said that BTC would break support at $9,000, and it will drop to $7,000.
This is Bitcoin’s savior
Just the other day we addressed Bitcoin’s savior, as explained by Forbes.
Forbes just noted that Bitcoin price could be much lower without one large phenomenon that has been occurring over the past 3 months: Defi explosion.
DeFi aka Decentralized Finance comes in a lot of forms, including lending, derivatives, exchanges, and payments, as the online publication mentioned above notes.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.