BTC Price Is Likely to Make a Surprising MoveJudy Rubio
According to many market analysts, the BTC price is about to make a huge move. This will happen after a few weeks of range trading. Traders agree with their opinion and confirm that the crypto is likely to experience a pivotal point taking into consideration its price action which has recently been highly volatile.
The crypto’s price has faced low volatility in the past two months. It was hovering between nine thousand three hundred USD and nine thousand nine hundred USD. Participants realized that it might cause a significant price move soon
In the past twelve months, BTC has faced two extended ranges. One of them occurred last year in June. The second range happened seven months ago. In both situations, the BTC’s price could see a forty percent move in the upcoming months.
Where and How the Huge Movement May Occur
Analysts are trying to make predictions and foresee the events. Traders keep asking where and how the big move is likely to happen. Participants, as a rule, predict two scenarios for the most influential asset. First, the market may see a rejection of nine thousand two hundred USD. Afterward, there will be a decrease to around seven thousand USD. Second, the price will remain at around nine thousand two hundred USD and the rising to ten thousand five hundred USD – that’s when a new rally will start.
Analysts announce the trend will be highly volatile regardless of the direction the price chooses in the nearest weeks. A monster move is not far away and BTC will soon see it. Traders who foresaw the steep downtrend of the crypto around four months ago can predict a massive price action.
Price faces a triple top. Daily chart. Taken from Trading View
There was rejection at ten thousand five hundred USD last October. It repeated in February and then again this month. What the diagram shows is considered a pattern with bearish tendencies. If the figures keep on decreasing, traders may see the crypto fall to six thousand USD. A ‘fear’ zone is really close. That means that traders feel cautious and rather pessimistic.
Fear and Greed Index. Taken from Byzantine General
Factors That Affect the Crypto in the Near-Term
Researchers have noticed two variables. Due to them, there might be a price shift this month. First, miners may feel more willing to sell BTC. Second, many participants trust others’ praise of the crypto. Analysts believe in the crypto’s staying power after the last crash. It took just three months to recover and rise to ten thousand USD from three thousand six hundred USD.
The demand for the currency has been much higher than it was a year ago. The mining difficulty might increase by thirteen percent in a couple of days. That means that the cost of mining will also rise. All the mentioned factors will put more selling pressure on the market and stimulate the bearish scenario for the short-term.
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