Investors are desperately looking to see some kind of apparent trend for Bitcoin’s prices. But the only thing one can understand from Bitcoin’s price in recent months is just that it is fluctuating. Since February 2018, the digital currency has reached a high of $ 11,784 and a low of $ 5,922, and has since traded in that range. In fact, more recently, from April 6 until the end of last week, the range is even narrower. From $ 6,513 to $ 9,795.
The average real range has fallen to the lowest level of $ 231 this year. Since the beginning of this year, the dominant trend has been declining.
Similarly, the 90-day volatility index has collapsed and is almost in a free fall. Indeed, I believe that this is about to change because prices have started to trade in a narrow range – something that is not normal for Bitcoin’s price. Bitcoin is not an “animal” that can be tamed so easily.
It may be premature to say that the price of Bitcoin “has hit bottom.” If it followed an upward course it could start a new trend that could push the price to $ 13,982 and a downward move could lead the price to $ 1,292. It is important to say that usually these patterns are not done with such precision, but the price is usually formed close to the price predictions.