In a recent tweet, the Glassnode analysts' team stated that over the past seven days, the flagship cryptocurrency, Bitcoin, has consolidated within the 3.4% range — the difference between high and low points. This is one of the tightest consolidations within the past three years.
This can be compared to July 2020 and January 2023, when in both cases these consolidations were followed by large market moves, the tweet stated. Overall, the current situation with Bitcoin may signify that high volatility is likely to arrive soon.
The 7-day price range (3.4%) #Bitcoin has consolidated within is one of the tightest over the last 3yrs.— glassnode (@glassnode) May 22, 2023
It is comparable to Jan 2023, and July 2020, both of which preceded large market moves.
This suggests high volatility is likely on the horizon.
📊 https://t.co/VHIhAlOSWL pic.twitter.com/JZjvZe3yJa
James Bullard says Fed may raise rates again this year
Chinese crypto blogger and journalist Colin Wu has shared that president of St. Louis Federal Reserve Bank James Bullard believes the Fed is likely to perform two more interest rate hikes this year. If it happens, each would be 25 basis points.
St. Louis Fed President James Bullard thinks the US Fed will need two more 25 bps hikes this year. "You’ve got fairly robust growth for the US economy in 2023 and you’ve got inflation that has not come down fast enough." "For that reason, I think we’re going to have to grind…— Wu Blockchain (@WuBlockchain) May 22, 2023
Earlier this year, the Federal Reserve already conducted two rate hikes, in early February and at the start of May. Both times, the reaction shown by Bitcoin was negative as its price stumbled.
Peter Brandt shares his BTC forecast
As reported by U.Today earlier, old-school savvy commodity trader Peter Brandt tweeted that he believes Bitcoin's price may shake out one more time before it begins to break higher.
At press time, the major cryptocurrency is changing hands at $27,014, per CoinMarketCap, after showing a mild rise of 1% in the past hour.