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Key facts:
According to some analysts, the price of bitcoin is preparing for a big movement.To Tone Vays, the more likely it is a fall which puts the price around USD 7,000.After having reached annual maximums of around USD 14,000 in June last year, throughout this month the price of bitcoin had fallen to lie, with a certain stability, around $ 8,000 for each unit.However, for some analysts, there are indicators that the value of the criptomoneda in the market will have an important variation very soon, even despite the fact that this Wednesday the price dropped to a little less than us $ 7.500, losing more than 7% from the price with which he began the day. This happens even when there is a remarkable increase of institutional interest towards the investment in derivatives of bitcoin, such as futures on CME.For example, a note-analysis published in the website of Forbes this October 22 review that “a technical indicator bitcoin, closely observed, showed that the market of bitcoin and cryptocurrencies could be prepared for a sudden change of prices, although it is not clear which path to take”.The article from Forbes talks about a considerable decrease in the achievement gap that exists between the maximum band and the minimum trend indicator Trading Envelope of bitcoin, since the beginning of September. The same was reported by Bloomberg at the beginning of the week. According to this analysis, the volatility of bitcoin could go back to high levels in a short period of time, then keep the price in a range of between USD 7,500 and USD 8.500.This October 23, the price of BTC fell by more than 7%. Source: CoinMarketCapAdicionalmente, the article from Bloomberg points out that there is another indicator that suggests a sharp fall in the price of bitcoin. For the moment of publication, bitcoin had closed below its opening price at 6 of the last 7 trading sessions (which happens this Wednesday also). The last time they introduced this pattern, continues to Bloomberg, the loss of bitcoin was close to 20% in a week.
Views optimistic to the price of BTC
According to figures from the signature Coin Metrics, the daily volatility of bitcoin reached the lowest levels since April. As shown in the chart for returns daily in a span of 60 days, available at the portal of the firm analysis, with a final update this Tuesday, October 22.This month of October, the daily volatility of BTC reached the lowest levels since April. Source: Coin MetricsBasado in this indicator, another of the short-term views for the price of bitcoin considered to be a directional bias to the upside. However, the fall this Wednesday broke the support at USD 7.800 indicating analysts for this bullish view of the price of bitcoin.At the time of drafting this note, the price of the criptomoneda is USD 7.496, according to data from CoinMarketCap. The loss of value in the last 24 hours, according to the same portal, has been higher to 7.7%.Likewise, the current price of bitcoin is the lowest of the criptomoneda from may of this year. Since he spent of the us $ 7.300 to over $ 7.900, between the days 18 and 19 of that month, the price had not been below the USD 7.500 until 23 October.
What greater losses from view?
The movement of the price of this Wednesday seems to validate the position of the analyst ecosystem of cryptocurrencies, Tone Vays. Interviewed by Block TV News, Vays said Tuesday will not be convinced of a bullish trend, despite the previous rise that took the price up to USD 8,500 in mid-October.On the contrary, Vays predicts a fall below the USD $ 7.700. Even, he dared to predict that the price of bitcoin would, in a short period of time, to be just above the zone of USD 7,000.