Bitcoin (BTC) has been range-bound ever since its price jumped by more than 30 percent in one day on Oct. 25. With that in mind, cryptocurrency trader 'Mr. Anderson' expects a bigger price move.
Some might argue that Bitcoin is not exactly stable as of now since it continues to see-saw between its support and resistance levels. However, 'Mr. Anderson says' that it's easy not to notice a lack of volatility on the higher time-frame price charts.
After taking a close look at the coin's weekly chart, he now says that something "much bigger" is coming.
$BTC Wkly— Mr. Anderson (@TrueCrypto28) November 4, 2019
Something bigger is brewing!
It is easy to get caught up w/ the flashes of Volatility on Lower Time Frames. However, when dealing w/ bigger number (i.e. $9000) it is also easy to miss a lack of Volatility at scale(HTF)
The weekly say's something much bigger is coming pic.twitter.com/tOpj6FYDE5
As reported by U.Today, Binance CEO Changpeng Zhao, who controls the largest exchange by trading volumes, predicted that the Bitcoin price could go to $16,000 'soon-ish' on Nov. 1. Such an ambitious forecast was made after the famous 4chan prophecy was failed to hit its October target.
Putting aside a crystal ball, Bitcoin might be indeed on the brink of another turning point after weeks of low volatility, but this is not necessarily good news for the bulls. After being stuck in the $10,000 range for weeks, Bitcoin tanked to the $8,000 level on Sept. 25 and it took it more than a month to experience a price relief.
At press time, the crypto king is changing hands at $9,299, CoinStats data shows. Trader Luke Martin says that Bitcoin will be a good buy if it reaches the bottom of the trading range again. Last week, Bitcoin briefly dipped below $9,000 on multiple occasions, but it never managed to print a daily close above this level.
$BTC kicking off another week inside the range between 9,000 & 9,700.— Luke Martin (@VentureCoinist) November 4, 2019
Respecting the range until it breaks.
Bottom of the range has been a great buy, invalidation would be a close below. pic.twitter.com/y4emOgsntO
Will Bitcoin be able to make a decisive move in the short-term? Share your take in the comments!