Short-Term Panic Level For Bitcoin (BTC) Is Highlighted By Expert
Bitcoin’s price continues to move sideways, and this happens in a really narrow range, according to the online publication the Daily Hodl.
The online publication also reveals that amidst the low volatility, analysts are trying to gauge which direction BTC may pop next.
An analyst is bullish on BTC
It’s been also reported that analyst Nick Cote told his 63k followers on social media that he’s quite bullish on BTC after the next halving which is scheduled to take place in 2020 May.
He points to BTC’s Bollinger Bands which uses two lines of the standard deviation to measure volatility as a sign that traders should be cautious.
In the short term, Cote warns the most important crypto in the market could suffer another massive drop.
Speaking of BTC’s price, at the moment of writing this article, the most important coin in the market is trading in the green and it’s priced at $10,256.52
“Week-long consolidation has broken down to the downside. No need to panic unless $9,750 falls. Above $10,270 and I’ll be thinking this was a fakeout, but below, the course looks to be back towards the liquidity box below. Currently no position for me with volatility this low…” Cote believes.
Currently observing that #bitcoin has been trending below the 3D median once again for the past 30 days.
I'm a uber bull above it as support, and cautious bear below. pic.twitter.com/HD4cMjLmzJ
— Nick Cote (@mBTCPizpie) September 16, 2019
He also explained that “To clarify my position with Bitcoin: I’m a big bull post-having, but I believe there is plenty of room (and opportunity) for a pre-having shakeout to the tune of 30%.”
You can see his tweet above.
Bitcoin all-time high is on the way
Despite the extremely volatile crypto market, the optimistic predictions regarding the price of BTC continue to flood the market.
The co-founder and head of research at Fundstrat said that a healthy S&P 500 would be the major catalyst for the very next Bitcoin bull run.
In a new interview on CNBC’s Fast Money, Tom Lee says BTC has thrived when the S&P 500 is doing well.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.