- Bitcoin (BTC) has been relatively stable
- Jim Wyckoff is expecting another massive Bitcoin price rally
- Wyckoff believes Bitcoin’s next rally might start this week
Bitcoin News Today – Bitcoin (BTC) has been relatively stable over the past few days. Since the digital currency topped at $10,600 and returned to the $9k range, it has not recorded any major upward or downward move. The digital currency has been trading within a range, and it is facing a major hurdle at the $9,600 mark. However, digital currency analysts are reading different meanings to the stagnation of the coin over the past few days.
The unsettling stability of the digital currency is generally perceived as calm before the storm. A market analyst – Jim Wyckoff is predicting another pivotal move for Bitcoin (BTC).
Bitcoin (BTC) Price Today – BTC / USD
Jim Wyckoff Expects More Massive Moves from Bitcoin (BTC)
Recently, the volatility of Bitcoin (BTC) has reduced. This paves the way for another massive price move, according to Jim Wyckoff – a market analyst. In a statement, the market analyst said:
“This ‘collapse in volatility’ suggests a much bigger price move is right over the horizon – may be yet this week.”
The market analyst describes the recent price action of Bitcoin (BTC) as quiet, choppy, and sideways. The world’s most dominant digital currency has been see-sawing within the same trading zone since it recorded its third-largest gain in history on October 25. On October 25, the price of the digital currency surged by more than 40 percent in a day. That was the third time the digital currency is amassing such an amount of gain in a day.
Considering that Bitcoin (BTC) has been relatively stable since on Tuesday, it is an indicator to predict that another major price rally could occur as early as this week. This means that the price of Bitcoin (BTC) is more likely to skyrocket again this week.
Bitcoin Bulls Are at Advantage to Break over $10k Soon
Jim Wyckoff pointed out that the bulls of Bitcoin (BTC) have a slight advantage at the moment. This means that Bitcoin might be ready to break over the $10k resistance level soon. Nevertheless, the bulls are not ready to go to work just yet, considering the fact that the digital currency has made several attempts to break that level with no positive results.
Altcoin Psycho – a digital currency trader on Twitter – said that he is becoming bullish provided Bitcoin holds its present level. According to CoinMarketCap, Bitcoin (BTC) is currently trading at $9,321, after testing an intraday high of $9,421.