The Waiting Game | When Will Bitcoin Move Again?
The Blockchain Sector @ 2023-08-04
Since June Bitcoin has been in a period of record low volatility. Price has been stuck within a tight range around $30k. News flow hasn’t dried up with the recent Curve Finance exploit and Bitcoin ETF rumours but price doesn’t want to move… yet.
Let’s take a look at the chart and pretend we can predict the future.
The diagonal green line is a long term trend line dating back to the start of the year. The blue line is the 200 day moving average.
I think a fairly likely scenario is that price cools off and either touches these levels or wicks through it before we see another leg up towards $38k. A significant close below $25k would invalidate this.
Not everyone pays attention to charts and Michael Saylor is reportedly looking to raise another $750m from a stock issue which will inevitably create a bid from MicroStrategy and traders frontrunning the spot purchase.
Any development in the Bitcoin ETF proposals, which the SEC are currently sitting on, would also fuel a big move in either direction depending on the outcome.
To answer the question directly “When Will Bitcoin Move Again?” I expect before the end of the August we are going to see significant increased volatility.
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