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Home Cryptocurrency news Bitcoin

An Explosive Bitcoin Price Movement May Not Arrive, Concerning Data Shows

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
altcoin crypto aragon ant rally
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Bitcoin price has now traded sideways for nearly two full months. The price action has crypto traders bored, and volatility reaching record lows. Analysts everywhere are expecting a major move soon, if not any day now.

However, data comparison between the current trading range and the range prior to the previous bull market, says otherwise.

Stagnant Sideways Bitcoin Price Action Leaves Crypto Analysts Expecting Major Breakout

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It is one of the few asset classes that comes with a warning of complete loss. It is due to the explosive and extreme volatility that the asset class is notorious for that these warnings exist.

Related Reading | BTC Supply Metric Reaches Low Last Seen Ahead of Historic Bull Market

However, the recent price action in the crypto market is uncharacteristic of Bitcoin and its altcoin cousins. Volatility is at record lows, and most assets are trading sideways just below resistance.

The stalemate has analysts confused, predicting a major move and decision on trend for days to come when the breakout does arrive.

But comparison data shows that the breakout everyone is waiting for may take a lot longer than expected. Worse yet, the trading range may get even tighter, and more boring before the breakout arrives.

bitcoin trading range

Bitcoin Max Intraday Move 2020 | Source: Messari

Past Cycle Data Points To More Boredom in the Days Ahead As Trading Range Tightens

Markets are cyclical, and historic recurrence suggests that the same events often repeat albeit at different times. Past cycles can often shed light as to what to expect during current cycles.

A then and now data comparison between the current trading range and the one ahead of Bitcoin’s last bull run is concerning.

bitcoin

Bitcoin Max Intraday Move 2015-2020 | Source: Messari

The boredom currently shaking out traders from Bitcoin, may continue for a lot longer than anyone expects. Some Bitcoin experts claimed this process could take over 100 days and warned investors to mentally prepare.

Related Reading | BTCUSD Has Only Had One Other Rounded Top, And a Major Correction Followed

However, during the last cycle, sideways price action and a tight trading range lasted a lot longer and became more pronounced.

The variance in the above chart is a lot tighter coiled during 2015 and 2016 than it is now, suggesting things can become more stagnant.

There’s no denying, however, that when the sideways trading does break, fireworks will follow.

Consolidating below resistance often suggests a move about that key level. But other past cycle comparisons could point to downside instead.

Whichever direction chooses from this point on, will define a longer term trend. Bulls will need to show more strength to ensure its a long-term uptrend, rather than a fall into a deeper downtrend for crypto.

Tags: bitcoinbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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