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Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
bitcoin crypto boredom fetal position

Max Pain: Bitcoin Boredom Incoming Before Bull Market Begins

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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With 2019 now in the history books, looking back at the year it was a rollercoaster ride for Bitcoin traders, with the asset reaching lows around $3,000 then rallying by 350% to $14,000 before falling back down to $6,500 at a local low.

However, according to one analyst, that rollercoaster ride is about to get a lot less bumpy, and probably even boring for most crypto investors and traders over the next few months, before Bitcoin breaks out and the bull market really begins.

Boring Bitcoin Price Action To Precede Next Rally

Traders and investors often like to talk about what would be the “max pain scenario” that would cause the market the most heartache and confusion. Following deep drops in price, late-shorters get squeezed in surprise pumps, only to cause investors to FOMO into a bearish retest, much like what happened in late October 2019 on the heels of news Chinese President Xi Jinping offering his support of blockchain technologies.

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Related Reading | The Biggest FUD and FOMO Moments in Crypto 2019

But not all “max pain” scenarios result in powerful price movements that cause major losses to both sides of traders – buyers and sellers – or are a result of extreme volatility. Sometimes, the most painful scenario of all is a boring, sideways market.

First tweet of the year has to be one of those macro ones.

Bollinger band width [denoting volatility] on the monthly chart pushing all time lows.

Would love to see a few months of boring to setup nicely for a solid and sustainable rise later in the year. pic.twitter.com/QWTudP7JqL

— dave the wave (@davthewave) January 1, 2020

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That’s exactly what long-term crypto analyst Dave the Wave sees for the future of the cryptocurrency market, including Bitcoin. According to the analyst, Bollinger Bands Width – the measure of the deviation between the two, outer Bollinger Bands denoting volatility, is reaching the lowest levels in recent years, making for great “setup” for a “solid and sustainable rise later in the year.”

However, what comes before the sustainable rise, is boredom and sideways trading, likely in ranges that the cryptocurrency has already spent the last few months trading within, adding to the monotony traders may feel during this period of reduced volatility.

 

Max Pain Scenario For Crypto Traders Is Sideways at $6,000

Bitcoin spent a short period of time within a tight, sideways trading range at the start of the year as the asset began being accumulated at low prices. But a surge in buying fueled by the PlusToken scam may have caused Bitcoin to break out prematurely, causing a parabolic rally and devastating selloff.

Related Reading | Bitcoin Price Yearly Candle Shows Failed Rally, Longest Wick on Record 

Even during this short-lived phase, crypto traders were often complaining about how boring the price action was, after becoming accustomed to price swings of a few th0usand dollars a month throughout 2018. During that time, Bitcoin made repeated trips to support at $6,000.

Once again, Bitcoin appears to be testing and retesting lows in the $6,000 range, and could spend the better half of 2020 doing so. Such price action is bound to cause extreme boredom in crypto and Bitcoin, which could cause more capitulation than the losses have themselves.

Tags: bitcoinbollinger band widthBollinger bandscryptoDave the WavesidewaysTrading Range
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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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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