Bitcoin Volatility Hits Record Low as Leading Crypto-Asset Faces Bearish Trend
Bitcoin is currently experiencing a period of record low volatility, but this may not be a positive sign for the leading cryptocurrency. Renowned trader Peter Brandt suggests that Bitcoin could drop further, citing a challenging multi-contact point trendline that has reached its lowest point in 2023. The recent price action saw Bitcoin breaking off from its narrow range and reaching a two-month low of $28.3k. Brandt speculates that if Bitcoin falls below the trendline at $28,000, it would indicate a continuation of the bearish trend or a bear trap.
Main Points:
- Bitcoin is experiencing record low volatility
- Peter Brandt predicts a potential drop in Bitcoin’s price
- Bitcoin broke off from its narrow range and reached a two-month low
- A violation of the trendline could negate the bullish narrative
- Brandt prefers horizontal chart construction
While Bitcoin’s price action has been dull and has declined since its July peak, Tom Lee, an analyst from Fundstrat, remains optimistic. Lee believes that the approval of a spot BTC ETF in the US could lead to increased demand for Bitcoin. Fundstrat even forecasts a potential price range of $150,000 to $180,000 if such a product is approved.
Hot Take:
While Bitcoin is currently facing a bearish trend, there are differing opinions on its future. Peter Brandt suggests a potential drop, while Tom Lee remains bullish. The approval of a BTC ETF in the US could be a game-changer for Bitcoin’s price. Only time will tell how these factors will influence the leading cryptocurrency.
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