🔥🔥🔥 #bitcoin in 42-day ‘boredom zone’ — #traders debate next move
Bitcoin ($BTC ) has been trading in a "boredom zone" for 42 days, leaving crypto traders divided on its next move. Some predict a surge, while others foresee a 20% pullback to crucial support levels.
Crypto trader CryptoCon noted the lack of volatility in Bitcoin’s price as a key indicator of market boredom in a May 30 post on X. Bitcoin is currently priced at 68,076, up just 6.7% from 42 days ago (CoinMarketCap data). Throughout this period, it has mostly traded within a narrow range, apart from two instances where it broke its support and resistance levels of $58,253 and $71,443, respectively.
Trader Willy Woo views the extended consolidation as a positive, suggesting Bitcoin has "more room to run before topping out," as he posted on May 29. Similarly, Daan Crypto Trades believes Bitcoin is in a price discovery phase, where “anything goes.” He speculated that once Bitcoin surpasses its all-time high of $73,679, it could reach $102,073 by year-end.
However, some traders are less optimistic. Timothy Peterson, founder of Cane Island Alternative Advisors, highlighted the Bitcoin Price to Metcalfe Value indicator, which suggests a potential drop. When the ratio exceeds 100%, it has historically predicted a bear market of -20% or more. The ratio recently hit 102%, indicating a two-thirds chance of a 20% decline within the next six months, possibly dropping Bitcoin’s price to the low $50,000s.
Source - cointelegraph.com
