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Tuesday, September 12, 2023

Bitcoin Price Can Expect Some Unexpected Volatility

The price of Bitcoin rose above the sum of $23,000 on the 6th of August- as a new analysis has recently predicted an increase of 20% or more.

According to reports from TradingView and Cointelegraph Markets Pro went on to show that the exchange was again climbing overnight to sit near the top of the established trading range. After numerous attempts to break through the above-range resistance at $23,500, the pair has appeared to still be stuck in limbo- but there have been hopes for a bullish continuation. Material Indicators, an on-chain monitoring resource, reported that they would be expecting even more price volatility over the weekend. They mentioned that if the Bear Market Rally could pish BTC over a sum of $25k, there wouldn’t much friction to the 26k-28k range. Interestingly, losing out on the trendline could be bad for bullish hopes and dreams. 

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Bitcoin Price Could Go Up

A price of $28,000 would definitely be over 20% higher than the current spot price that Bitcoin possesses, and would also represent a near two-month high. Material Indicators also highlighted the trendline which was mentioned sitting at a price of $22,000- around the realized price of BTC currently.

The trading over the weekend does spark quite a volatile price action, which is entirely due to a lack of liquidity on the exchange order books. This would be dominated by retail traders while professionals and institutions stayed away until the new trading week. Meanwhile, the popular trading account CROW also entertained even higher levels, where it has revealed plans to take profits only at $30,000 as long as BTC went on to make higher highs and higher lows. 

After turning to on-chain data, the pseudonymous creator PlanB also flagged the relative strength index performance flipping bullish on the price models of Bitcoin. 

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