RATE Group | Analysts Fear the Worst as Bitcoin Price Readies to See 20% Breakout
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Analysts Fear the Worst as Bitcoin Price Readies to See 20% Breakout

15 Dec Analysts Fear the Worst as Bitcoin Price Readies to See 20% Breakout

Posted at 23:51h in Bitcoin News by

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Over the past week, Bitcoin has found itself flatlining, establishing a tight range in the low-$7,000s as volume tapers off. This consolidation has forced the Bollinger Bands, a moving average-based technical analysis tool often used by traders looking for more information about trading ranges and volatility, for Bitcoin to reach extremely tight levels, implying that volatility is on the horizon.

Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

Per previous reports from NewsBTC, John Bollinger, the creator of the tool, has even gone as far as to say that it’s “time to pay attention” to cryptocurrencies, as the Bands imply that they’re nearing “squeeze levels.”

Josh Olszewicz, an analyst at industry research and media site Brave New Coin, recently noted that the last time the one-day Bollinger Bands on the Bitcoin chart were this tight, the eventual resolution of all moves always resulted in 20%+ price swings.  Case in point, BTC…

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