Bitcoin (BTC) could be due for a powerful move soon due to a prolonged period of reduced volatility as the digital currency squeezes to a fine point. The coin’s price bounced from lows on the day and an uptrend looks real. However, another expert claimed that the Bitcoin bear market could last 18 more months. Who is right?
Bitcoin price analysis
Yesterday, there were chances of more losses below the $6,250 support in bitcoin price against the US dollar. The BTC/USD pair did move down below the $6,250 and retested the $6,200 support. However, there emerged a strong buying interest near the $6,200 zone, resulting in a sharp recovery. The price traded as low as $6,205 and later jumped above the $6,290 and $6,300 resistance levels.
The upside move was strong as the price spiked above the $6,355 resistance and the 100 hourly simple moving average. Nonetheless, buyers failed to hold gains above the $6,355 level, which resulted in a push below $6,320 and the 100 hourly SMA. Additionally, Bitcoin’s price tested the 50% Fib retracement level of the recent wave from the $6,205 low to $6,377 high. Currently, the price action is positive and it seems we could witness a powerful move soon.
Bitcoin could make a powerful move soon
According to Jesse Colombo, a registered investment advisor who warns about bubbles and future financial crisis,
“Ironically, in the financial markets, unusually low volatility often occurs before powerful, volatility moves—the ‘calm before the storm.’ So to speak.
Jesse added that bitcoin’s volatility is unusually low levels according to Bollinger Bandwidth, which further confirms that a major move is likely to occur soon.
However, Bitmex CEO contradicted these statements by saying that the volatility could persist in the next 18 months based on past experience.
From both statements, who do you think is making the correct arguments?
Share your view in the comments section below