A trio of analysts say Bitcoin’s consolidation around $9,000 for over a month may be coming to an end as BTC’s volatility hits a critical level.
Crypto analyst CryptoBirb tells his 83,000 followers that the king cryptocurrency is primed for a big move after trading in a narrow range for a month and a half.
— CRYPTO?IRB (@crypto_birb) June 13, 2020
Crypto strategist Edward Morra highlights the fact that BTC’s volatility is back to the level it reached before the cryptocurrency collapsed in March.
“BTC Volatility nearing the [three-month] lows. We are back to the 7th of March pre-crash levels. Expecting ‘big moves’ this upcoming week. Probably worth setting a straddle option set.”
Trader Cantering Clark echoes Edward Morra’s sentiments on Bitcoin’s volatility. He says BTC’s low volatility is setting the stage for an explosive move.
“All I know is that with BTC realized & implied volatility this low, we are due for a big move in either direction that should have some follow-through for a nice amount of time.”
Earlier this month, Kraken released a VIP Bitcoin analysis that predicted elevated BTC volatility in the coming weeks. The report noted that the king cryptocurrency’s mempool transactions, a metric that indicates the number of unconfirmed transactions on the network, is on the up and up. The crypto exchange points out that a rise in unconfirmed transactions may precede a period of heightened volatility.
At time of writing, Bitcoin is trading at $9,293 according to CoinMarketCap.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Veronika Kunitsyna