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.
Consolidating for 1.5 months already. This is going to be a monster move for $btc soon pic.twitter.com/F9ckyDPbM5
— 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.
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Featured Image: Shutterstock/Veronika Kunitsyna
