A closely-followed crypto analyst says investors looking for Bitcoin (BTC) to take off right away shouldn’t hold their breath.
The pseudonymous crypto trader Dave the Wave tells his 32,000 Twitter followers that the width of the Bollinger bands suggests that the current consolidation phase of the king coin will likely continue until the last quarter of 2020.
Traders use Bollinger bands to determine the level of an asset’s volatility. The upper and lower bands widen when volatility simmers down while the bands contract when volatility is about to explode.
Bitcoin analyst and former vice president of JP Morgan Chase Tone Vays also believes that BTC won’t make big bullish moves news anytime soon. The trader expects BTC to continue range trading between $6,000 and $10,000 before a big breakout at the start of 2021. But Vays warns that the dominant cryptocurrency has some downside potential and could drop as low as $7,000 before the much-awaited liftoff.
Despite the current volatility of the crypto market, Bitcoin bulls remain optimistic that the price of BTC will eventually surge. Liechtenstein-based Crypto Research Report recently released its analysis on the future of Bitcoin, which predicted that the price of BTC may rise to $397,000 in about a decade.
At time of writing, Bitcoin is valued at $9,151, according to data from CoinMarketCap.