Bitcoin (BTC) Headed for Massive Price Moves Soon, According to This Metric

Although it is usually considered a volatile asset with large price swings, Bitcoin has been stuck in a narrow range for the past several days.

But all of that could change in the following days, at least according to similar historical developments.

  • Aside from the May 12 price drop to a two-month low, BTC’s recent performance has been rather muted.
  • The asset rose to a high of $27,600 last week and then fell by a significant amount, which was the biggest price movement in the past 10 days or so.
  • Somewhat predictably, the 7-day price range for the cryptocurrency has gone into an area we rarely see. That measure is now at 3.4%, Glassnode reports, “one of the narrowest in the past three years.”
  • Although rare, this development is not without previous examples. The analytics company has offered a few of these, including one in July 2020 and another early this year (January 2023), both of which were followed by significant price moves.
  • After the July 2020 slump, bitcoin went on a massive trajectory that smashed a previous all-time high and charted a new one several months down the road. Following the January 2023 example, BTC rose again, albeit in a more modest manner.
  • Another similar situation played out in late 2021 and early 2022. Despite this, a huge price rebound followed that pushed BTC from its ATH of $69,000 to under $30,000 in a matter of a few months.
  • Due to historical developments, Glassnode suggested that there is more volatility in BTC but failed to predict whether it will go up or down.
Special Show (sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and get $100 free and 10% off Binance Futures first month (conditions).

PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.

BitcoinBTCHeadedMassiveMetricMovesPrice
Comments (0)
Add Comment