{"id":431620,"date":"2020-07-21T10:00:11","date_gmt":"2020-07-21T10:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=431620"},"modified":"2024-06-11T08:55:40","modified_gmt":"2024-06-11T08:55:40","slug":"bitcoin-monster-breakout-next-3-days","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-monster-breakout-next-3-days\/","title":{"rendered":"Bitcoin Will See a “Monster Breakout” in the Next Three Days: Analyst"},"content":{"rendered":"

At long last, Bitcoin has begun to move. In the past hour as of this article’s writing, the leading cryptocurrency has jumped up by $150 \u2014 BTC now trades at $9,320.<\/p>\n

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CHart of BTC's price action over the past two days from TradingView.com<\/a><\/pre>\n
While a move welcomed by bulls, it’s far from the explosive breakout that some were expecting.\u00a0Case in point: volatility indicators, which barely notice 1-2% moves here and there, remain at multi-year lows. By some measures, in fact, volatility in the Bitcoin market is the lowest since 2017’s explosive rally.<\/p>\n
Analysts remain certain that the explosive breakout is near, citing these volatility indicators.<\/p>\n
Fortunately for bulls, there seems to be a growing case for Bitcoin to continue higher after its $150 rally on Tuesday morning.<\/p>\n
Related Reading:\u00a0Crypto Tidbits: Twitter\u2019s \u201cBitcoin Scam,\u201d Elon Musk & Dogecoin, Institutions Want BTC & ETH<\/a><\/h6>\n
Bitcoin Will See a “Monster” Breakout<\/strong><\/h2>\n
According to a cryptocurrency trader<\/a>, Bitcoin will see a “monster breakout” in the next three days as prices continue to tighten on a macro scale.<\/p>\n
He shared the chart below along with his strong assertion. It shows that per the Bollinger Bands<\/a>, a key technical indicator denoting volatility and key levels, BTC’s price action is extremely tight.<\/p>\n
\"Image\"<\/p>\n
Chart shared by crypto trader \"CryptoBirb\" (@Crypto_Birb on Twitter) of BTC's recent price action and the Bollinger Bands.<\/pre>\n
Separate analyses of the Bollinger Bands indicator have found that they are at their tightest levels since November 2018. What followed the consolidation, of course, was a 50% drop over the span of two weeks that ended the bear market.<\/p>\n
This suggests there will be an imminent move of macro proportions, likely to play out within the next week or two.<\/p>\n
Bulls Are In Control?\u00a0<\/strong><\/h2>\n
Volatility indicators do not indicate which way the leading cryptocurrency will break. But with this latest news and new analyses, a growing number of traders are betting on the case for upside.<\/p>\n
KI Young Ju, the chief executive of cryptocurrency analytics firm CryptoQuant, shared<\/a> the charts below on July 20th. Attached, he wrote that there are three on-chain indicators signaling investors to “BUY.” These indicators are as follows:<\/p>\n
    \n
  • Addresses linked to Bitcoin miners are not sending their coins to exchanges, suggesting they are not being sold.<\/li>\n
  • Large BTC holders deemed “whales” remain HODLing their coin.<\/li>\n
  • The reserve of BTC on exchanges “hit the year-low a month ago and [it has kept] that low. This suggests there remains an accumulation mindset amongst a majority of cryptocurrency investors.<\/li>\n<\/ul>\n
    \n
    On-chain Indicators Status: BUY \ud83d\udfe2
    – Miners are not selling (based on MPI, Miner Outflows)
    – No significant     #BTC<\/a> exchange inflows from whales so far
    – All exchanges' reserve hit the year-low a month ago and keep that low     pic.twitter.com\/IzEmujvbsU<\/a><\/p>\n
    — Ki Young Ju (@ki_young_ju) July 20, 2020<\/a><\/p><\/blockquote>\n