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November 8, 2019Bitcoin’s Current Stability Is the ‘Calm Before the Storm’: Experts
Even as the Bitcoin price has been see-sawing between $9,000 and $9,500 for almost two weeks now, experts view this current unsettling stability of Bitcoin as the “calm before the storm.”
According to market analyst Jim Wyckoff, Bitcoin’s unsettling stability is generally perceived as the calm before the storm. Predicting another pivotal move, Wyckoff said that Bitcoin’s volatility has plunged as of late, which opens the doors for another significant price move.
This “collapse in volatility” suggests that a much bigger price move is right over the horizon – it may even happen this week. Wyckoff describes Bitcoin’s recent price action as “choppy, quiet, and sideways.” The top cryptocurrency has been see-sawing within the same trading range ever since it recorded its third-largest gain in history on October 25.
Considering that Bitcoin has been remarkably stable recently, it’s not far-fetched to predict that another major price move could be happening as early as this week. The analyst points out that the Bitcoin bulls have a ‘slight’ advantage as of now, which means that the Bitcoin price might be ready to breach the much-coveted $10,000 level. However, the bulls are not out of the woods just yet, given that each attempt to touch $10,000 has resulted in a failure so far.
Another market analyst, Zhao Dong, one of China’s most influential Bitcoin billionaires and a well-known over-the-counter (OTC) trader, said that the cryptocurrency market is poised to take off within the next three months.
The next three months could be the last opportunity for bottom fishers, and after that, the crypto market will enter Spring and then Summer, estimated to rally together with China’s stock market in 2021, he said.
In November 2018, the Bitcoin tycoon presented his theory that the Bitcoin market has four seasons for the first time, claiming, “we’re now still in the autumn time of Bitcoin, next year (2019) would be the winter.”
Bitcoin surprised its investors after unexpectedly tripling in price in less than three months, from $4,000 at the start of April 2019 to over $13,000 in late June 2019. The price then moved sideways, hovering around the $10,000 level from July 2019 to September 2019. Zhao expressed his view that Bitcoin might see a big drop in the next three months before the beginning of 2020.
