Ah, Bitcoin! The digital currency that seems to have a penchant for dramatic flair, much like a soap opera star who just can’t resist a good cliffhanger. As we approach the mystical month of August 2023, it appears that Bitcoin is preparing for a repeat performance of its previous antics, with its price “choppiness” reaching levels that would make a seasoned sailor queasy. 🌊
According to the latest revelations from the onchain analytics oracle known as CryptoQuant, as of February 17, BTC/USD is “ready” for a rollercoaster of volatility. Buckle up, folks! 🎢
Bitcoin Gets Key 2023 Comparison
In a plot twist that would make even the most seasoned market participants raise an eyebrow, Bitcoin’s price action has become as rangebound as a cat in a cardboard box. With trading volumes dropping faster than a lead balloon, everyone is bracing for a shakeout that could rival a particularly intense game of musical chairs. 🎶
Our intrepid CryptoQuant contributor, Percival (who may or may not be a time traveler), has noted that the atmosphere is eerily reminiscent of August 2023. He highlights the Choppiness Index, which, much like a teenager’s mood swings, is quite unstable (62 and 72 respectively). This suggests that Bitcoin is in dire need of a trend, or at least a good therapist. 🛋️
“Evidence of this pressure is the 90-day range that Bitcoin has found, with fluctuations ranging around 16% from the maximum to the minimum of the lateral range.”
Percival further elaborates that in 2023, before the uptrend, the price cleared all traders of ‘boring’ positions in the opposite direction due to low volatility. It’s like a game of musical chairs where everyone suddenly realizes they’re sitting on the wrong chair! 🪑
The Choppiness Index has seen more peaks than a mountain range over the past six months, as Bitcoin oscillates between rapid gains and the kind of grinding consolidations that make you question your life choices.
In December, Percival used his crystal ball (or perhaps just some fancy charts) to predict a cooling-off period for BTC/USD once it hit the area around $110,000. Spoiler alert: he was right! 🎉
BTC Price Targets Include $85,000 Floor
Now, as we ponder potential price floors in this grand adventure, Percival has flagged the short-term holder (STH) cost basis at $92,000 as a level of interest. If that fails, the 200-day exponential moving average (EMA), currently lounging at $85,000 according to CryptoMoon Markets Pro and TradingView, looks rather appealing. It’s like the last cookie in the jar—everyone wants a piece! 🍪
“The possibility of false moves before the bull run is strong,” Percival concludes, “many breakout traders are positioned in these zones, and the sovereign market tends to blow up these positions and return to the expected course!” It’s like watching a magician pull a rabbit out of a hat, only to realize it’s actually a very confused cat. 🐱
Meanwhile, the STH Spent Output Profit Ratio (SOPR) metric, which measures the proportion of unspent transaction outputs, or UTXOs, of STH entity transactions in profit or loss, reflects its mildly negative values from August 2023. It’s like a report card that says, “Could do better.” 📉
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- TRB PREDICTION. TRB cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
- USD MXN PREDICTION
- YFI PREDICTION. YFI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- South of Midnight PC Requirements Revealed
2025-02-18 13:42