Bitcoin (BTC), the world’s largest cryptocurrency has been hovering around the crucial price level of $20k over the past 30 days.BTC prices have dropped by around 10% in the same period of time.However, experts have suggested that there is more pain to come ahead.
Bitcoin price to drop ahead?
As per reports, Bollinger bandwidth, a potential warning indicator has gone on to shrink the narrowest since 2020.Data suggests that the bandwidth has been recorded this narrow around 5 times in the last two years.
In four out of those five instances, the Bitcoin price dropped by around 16% over the period of 20 days.Meanwhile, in the remaining instance, BTC went on to surge to register its all time high of $69K in October 2020.
Experts highlighting the narrow Bollinger bandwidth hinted that this is the sign that Bitcoin price can register a swing from here.However, this is likely to be a drop in BTC price.
The global crypto market is trading under high volatility conditions over its increased correlation with the traditional market.However, the historic crash of Terra LUNA’s native token and stablecoin has shattered away the confidence among investors.
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When will BTC recover?
Around $2 trillion has been wiped off from the global market cap since November 2021.
The total digital asset market dropped by another 0.5% over the past day.
It now stands at around $937 billion.
However.Bitcoin prices are down by around 60% on the year to day basis.
BTC prices today are down by another 1%.Bitcoin is trading at an average price of $19,546, at the press time.
The report suggests that there might not be a bullish run anytime near soon.A single negative regulation related news could break the bottom end of the Bitcoin trading range.However, global as markets are waiting for the US inflation date which will be released around Thursday.
Glassnode reported that Bitcoin balance on exchanges reached a 4 year low of 2.33 million Bitcoin.
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