There will be a breakout up or down within weeks, consensus believes, with targets between $40,000 and $60,000. Bitcoin (BTC) recovered from new lows of $45,550 on Jan. 5 as analysts waited patiently for a "squeeze" to trigger fresh volatility. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the previous day's levels near $47,000 on Binance at the time of writing. The repeated dips had failed to unsettle market participants, who now turned to the prospect of an abrupt move up or down in the coming weeks. Volatility in a time of flat funding rates and record-high open interest on derivatives markets, they had said Tuesday, was all but a given.
"Think we enter a volatility squeeze by end of the month," analyst William Clemente forecast in part of comments on Bitcoin's Bollinger band chart.
A popular indicator which Clemente acknowledged as one of his "favorite" tools, Bollinger bands use two standard deviation bands around the Bitcoin spot price to assess when volatility is likely to come. The question this week, however, was whether the move would be up or down.
"If we get that same setup from late July and initial pop down to low 40s out of a squeeze I will def be a buyer there," Clemente added during a discussion on the outlook.
A further post unveiled the likely cause of the $45,550 dip — a trader's failed attempt to short the lows and a subsequent buyback.
Those looking for upside meanwhile highlighted macro factors. Inflation, running hotter than anticipated, had not been fully reacted to by Bitcoin yet.
"View-wise, we are still holding out for an upside move in the near-term," trading firm QCP Capital wrote in its latest update to Telegram channel subscribers. "Looking at the 10-year breakeven inflation rate (which has historically had a high correlation with BTC), there has been a material divergence since end-December... If BTC plays catch up here we could see the move towards 60,000."
Inflation cues are due next week with the publication of December's consumer price index (CPI) data.
"Never once BTC looked like this when it ended its bullish cycle. NEVER, since its inception," an even more bullish Galaxy continued Tuesday. "It always drops sharply without much recovery.""We are in a consolidation before the next massive move to the upside," he added.
Galaxy was observing periods of consolidation following price tops throughout Bitcoin's history, concluding that the $69,000 top in November could not logically form a multi-year high.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 90.8% | 2 | $27 033.99 | 2.37% | 1.45% | $527 135 688 529 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 90% | 5 | $1 674.14 | 3.44% | 4.93% | $201 291 736 477 | ||
3 | ![]() |
Tether predictions | 94% | 1 | $0.999843 | 0.06% | 0% | $83 263 508 106 | ||
4 | ![]() |
Binance Coin predictions | 91.6% | 4 | $216.11 | 1.54% | 2.33% | $33 247 980 400 | ||
5 | ![]() |
XRP predictions | 92.4% | 9 | $0.509796 | 2.08% | 0.01% | $27 178 454 547 | ||
6 | ![]() |
USD Coin predictions | 92% | 1 | $1.000021 | -0.01% | 0.01% | $25 530 849 089 | ||
7 | ![]() |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
8 | ![]() |
Wrapped TRON predictions | 82.8% | 24 | $0.088098 | 4.06% | 5.76% | $8 957 448 242 | ||
9 | ![]() |
Cardano predictions | 94.4% | 6 | $0.251909 | 2.62% | 2.72% | $8 849 175 236 | ||
10 | ![]() |
Dogecoin predictions | 91.2% | 4 | $0.061718 | 1.52% | 0.04% | $8 714 841 543 | ||
11 | ![]() |
Solana predictions | 88.8% | 20 | $20.16 | 5.17% | 2.25% | $8 324 940 011 | ||
12 | ![]() |
TRON predictions | 82.8% | 22 | $0.088554 | 4.55% | 5.90% | $7 888 492 391 | ||
13 | ![]() |
Toncoin predictions | 62.8% | 84 | $2.22 | 1.57% | -3.82% | $7 623 523 317 | ||
14 | ![]() |
Dai predictions | 95.6% | 1 | $0.999716 | -0.03% | 0.01% | $5 346 368 455 | ||
15 | ![]() |
Polkadot predictions | 90.8% | 7 | $4.09 | 1.76% | 1.74% | $5 029 573 668 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.