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The king of cryptocurrency, Bitcoin, is currently priced at $43,470 as this article is being prepared and has still not managed to permanently surpass the resistance zone. The stagnation in the BTC price is also negatively affecting altcoins. What demoralizes investors is the weakened volumes following the ETF approval, as the bulls have largely stepped aside. Moreover, according to one metric, BTC has at most 10 days left.
Bitcoin (BTC)
The trader HornHairs, who is quite popular on social media, pointed out a rarely seen signal in his latest post that includes the Bollinger Bands volatility indicator. Such rare historical repeats are important as they lead to pricing with expectations in the market at the very least.
Bitcoin has been trading within a compact intraday range for over 150 days, and according to the metric, we will see this change. The Bollinger Bands Width (BBW), often used in the volatility indicator, is famous for warning against major movements historically. The BBW width rarely drops to the levels currently displayed.
The problem is that the direction is unclear. Similarly, after signals indicating the end of low volatility, and with the halving date approaching, it is possible for the bulls to be more hopeful due to the impressive growth seen in the third quarter.
Bitcoin’s 10 Days Left
HornHairs, referring to the metric mentioned in the first section, stated that the king cryptocurrency will initiate a significant movement within a maximum of 10 days, by February 17. Time will reveal whether he is right or wrong, but according to historical data, we can say there is a 51% chance he is correct.
“Now is the time to prepare your plan for both directions, so you don’t get stuck in frozen panic without any plan if the price skyrockets or plummets. It’s coming very soon.”
The cumulative volume of cryptocurrencies continues to remain weak, and while BTC maintains its supports, it is not showing enough strength to overcome resistances. The possibility of a new low before the halving has also been gaining traction on social media, leading to an increasing number of cautious investors, which in turn weakens the volumes. Experts are mentioning figures like $60,000 or $30,000 by April. There are valid reasons on both sides of the scale, which is the only other issue.
