Bitcoin’s recent performance has been relatively uneventful, with the exception of a price dive on May 12th that led to a two-month low. However, according to historical developments, this could change in the coming days. Glassnode, an analytics company, reported that the 7-day price range of the cryptocurrency is currently at 3.4%, which is “one of the tightest of the last 3 years.” This development is rare but not without previous examples. Glassnode provided a few examples, including one in July 2020 and another in January 2023, both of which were followed by significant price moves. After the July 2020 stagnation, bitcoin went on a massive run that resulted in smashing the previous all-time high and charting a new one several months down the road. Following the January 2023 example, BTC shot up once again, albeit in a more modest fashion. Another similar situation occurred in late 2021 and early 2022, but it was followed by a significant price retracement that drove BTC from its ATH of $69,000 to under $30,000 in a few months. Glassnode suggested that more volatility is in the cards for BTC but failed to make a prediction of whether it will be up or down. However, given the historical developments, it is likely that high volatility is on the horizon for bitcoin.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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