The Bitcoin price remained in red at Monday's start, down 0.66% in the last 24 hours to $26,866. The cryptocurrency market has become monotonous as Bitcoin (BTC), the largest digital asset in the world by market value, has settled into the tightest price range in months.
According to on-chain analytics firm Glassnode, the range, or the difference between the high and low hit in the seven days leading up to May 21, was 3.4%. This is still one of the tightest in the last three years and is on par with the sluggish trading in January 2023 and July 2020.
"The 7-day price range (3.4%) that Bitcoin has consolidated within is one of the tightest over the last 3 years. It is comparable to January 2023 and July 2020, both of which preceded large market moves...This suggests high volatility is likely on the horizon," the blockchain analytics firm added while predicting a large market move.
Legendary trader Peter Brandt, however, believes Bitcoin might see one more shakeout before it starts to trend higher. However, he calls this a guess and claims that it is the best he has to offer.
"Perhaps one more shake out break, then thrust higher. But hey, that's just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turn and run, protecting your wallet," Brandt tweeted.
As reported, crypto analyst "Carl from the Moon" spotted a symmetrical triangle pattern, which typically depicts consolidation. He gives a target of $25K or $29K, depending on the direction of the price breakout.
Insofar as technical factors are aligning for a major move on the Bitcoin price, Glassnode recently noted that network settlement remained lackluster when compared to bullish market conditions.
On May 20, it was reported that the total transfer volume moved on the Bitcoin network had decreased to a value of $2.73 billion per day, indicating a lower network throughput than that witnessed in the major bull market of 2021.