The next Bitcoin price move will eventually navigate towards $13,000 in the coming several months
All of the recent fluctuations in Bitcoin price have occurred in a relatively tight trading range between $ 9,000 and $ 10,000. There have been some times Bitcoin has broken above or below these range boundaries, but each existed for a short time and was followed by a quick movement back to that range.
This range was first formed in early May. It has no signs of breaking anytime soon. As a result of this price action, Bitcoin volatility hit historic lows. This low level of volatility is rare and almost always followed by significant movements.
BTC/USD 4-hour chart | Source: TradingView
There is a significant liquidity pool sitting around $ 10,500, which could act as a magnet for Bitcoin price
At press time, the Bitcoin price is trading slightly lower at the current price of $ 9,256. Earlier this week, BTC faced a grim rejection at $ 9,500 that caused it to plummet.
The rejection here has sent shockwaves across the entire cryptocurrency market, prompting most altcoins to see a similar decline cut their recent profits.
While looking at the broader market, the past few weeks have been extremely volatile. The explosive growth of the DeFi industry has started an uptrend across the market, with many altcoins seeing substantial gains in a short period.
However, this volatility has mostly been isolated from the altcoin market, as Bitcoin’s volatility is currently at a historic low.
According to cryptocurrency analyst SalsaTekila, these low-level volatility is often followed by Bitcoin making significant movements. These movements can be in either direction but tend to set the tone for where the asset trends over a macro time frame.
$BTC volatility sitting at historical lows, which historically precedes big trending moves. pic.twitter.com/eRPtIeOyv9
— SalsaTekila (@SalsaTekila) July 10, 2020
On the next move, SalsaTekila thinks that Bitcoin will eventually move towards $ 13,000 in the next few months. This is an entirely possible event as the liquidity team at $ 10,500 could help pull the cryptocurrency up to this level.
He said:
“Macro BTC context: still think we cant head heading towards $ 13K midterm. Massive liquidity pool around 10.5k, price centered on visiting those sooner or later.”
SalsaTekila Chart Sharing | Source: TradingView
He reaffirmed this sentiment earlier today, noting that Bitcoin will be worth at least $ 13,000 this year.
You can also check Bitcoin Price here.
Read more:
- Bitcoin Price Currently Flashing A Massively Bearish Technical Pattern, Signal A Sharp Downwards Movement Is Imminent
- The Rich Dad Poor Dad Author Revealed Why Bitcoin Can Be Considered Safe Havens During These Days Of Financial Uncertainty