The crypto market looks pretty bloody today with the coins trading in the red. At the moment of writing this article, Bitcoin is trading in the red as well and the king coin is priced at $9,118.01.
It’s been just revealed that a popular crypto analyst said that investors who are looking for Bitcoin (BTC) to take off right now, should not be holding their breath.
Bitcoin won’t surge too soon
The online publication the Daily Hodl brings up Dave the Wave who said that the width of the Bollinger bands suggests that the current consolidation phase of the king coin will likely continue until the last quarter of 2020.
As you know by now, Bitcoin has been consolidating above $9,000 for more than a month and a half now.
Room for further contraction in the Bollinger band width. Fourth quarter lift off? pic.twitter.com/axZkoplZR9
— dave the wave (@davthewave) June 26, 2020
Traders are using the Bollinger bands to determine the level of a crypto’s volatility.
“The upper and lower bands widen when volatility simmers down while the bands contract when volatility is about to explode,” the online publication notes.
Tone Vays says BTC will break out in 2021
It’s been revealed that Tone Vays, the former vice president of JP Morgan Chase also believes that BTC will not make bullish moves anytime soon.
He’s reportedly expecting that BTC will go on trading between $6,000 and $10,000 before a big breakout at the start of 2021.
He also made sure to warn about the fact that BTC can drop as low as $7,000 before the much-awaited surge.
In other news, the online publication Invezz notes that analysts at Crypto Research Report have decided to make their own assessment by using BTC’s target addressable market.
They ended up predicting a surge that would take the king coin to $400k by the year 2030.