The king of cryptocurrencies has once again entered a narrow range and continues to trade within it. However, a new breakout is expected. In the past, we have witnessed significant price movements after prolonged periods of sideways trading. So, what are the expectations of market experts based on the latest on-chain data?
The price movement of BTC is giving investors more than just a deja vu feeling as they wonder what it would take to change the trend. It could be said that what Bitcoin lacks on lower timeframes is a clear trend. The largest cryptocurrency has been oscillating between bullish and bearish liquidity pockets for weeks without being able to decide which side will prevail.
This struggle continues with a predictable regularity, and nothing seems to be able to change the situation, whether it be macroeconomic pressures, institutional participation, or any other factor. The price, which used to react to irrelevant data, now remains unresponsive.
On-chain data indicates a re-accumulation phase among investors in BTC, suggesting that we are currently in a “calm before the storm” period before a potentially significant market movement.
Investors who are certain that the boring sideways movement will soon be disrupted are now curious about the opinions of market experts. Many analysts have made bold predictions about the price for months, but none of the predictions above $31,000 have materialized. Furthermore, commentators who claimed that extreme selling pressure would push the king of crypto below $15,000 have also been proven wrong. Popular trader and crypto analyst Daan Crypto Trades said the following:
“For me, it’s quite simple. Bulls need to reclaim $30,500 for me to consider closing the inefficiency gap. Until then, my baseline scenario is for the price to seek liquidity at $29,500.”
Credible Crypto believes that the $27,400 level, which hasn’t been seen for almost a month, doesn’t seem impossible.
A third analyst, Crypto Tony, believes that a drop towards $28,300 is imminent. Crypto trader Jelle noted that there is an ongoing battle on Bitcoin’s relative strength index (RSI) and that it has shown a downward trend in price recently.
“Bitcoin tried to eliminate the bearish divergence last week but quickly suffered a blow. Both bulls and bears are fiercely defending their territories. More ping pong until the breakout occurs.”