TL; DR Breakdown
- Bitcoin is entering a volatility period
- BTC has broken a downward trend
- Crypto’s price to rally this week
Bitcoin seems to be entering a period of high volatility, an event that could signal a huge movement to come in the near future. That’s according to one William Clement, an on-chain analyst and investor. Clement sent out a tweet to that effect, even sharing a caption showing BTC’s trend that appears to have been broken.
According to the analyst, this kind of market event is similar to that which followed the crypto’s ATH and caused a market correction back in April. It also mirrors the trend that preceded Bitcoin’s bullish move in July 2020. Basically, what this means is that the trend could be a signal that some big is coming, but doesn’t clearly point out which direction the market will move.
Bitcoin has broken a trend
Interestingly, Clement isn’t the only Bitcoiner to notice the trend. One Crypto YouTuber seems to have seen it too, and according to him, the change of trend signals a bull run. As understood from his tweet, the YouTuber is convinced that the broken trend was a downward trend, and that gives room for Bitcoin to change gears and start an uptrend.
Price to run higher this week
Ran Neuner, who is a CNBC host, is another crypto enthusiast with an eye on Bitcoin’s trends. Ran seems to notice the change in BTC’s hashrate. Granted, the bitcoin network hasn’t had a high hashrate since the Chinese government launched a crackdown on miners that resulted in scores of them shutting down and leaving the Asian country.
Since then, the miners have been settling in other parts of the world where they’ve enjoyed a warm welcome. These areas include some states in the US (like Texas) and countries like Kazakhstan. Now that their mining farms are getting back on, the hashrate is increasing, and Ran sees that as a great bullish signal. He expects the price to react with a rally this week.