Cryptocurrency market daily overview. Source: Coin360
“Much bigger” BTC price move could come this week
That level has been in play for the past 72 hours and has seen two tests since local highs of $9,520 on Monday.
Bitcoin seven-day price chart. Source: Coin360
Now, commentators are considering the potential for a change in the pattern as volatility lessens. For Jim Wyckoff of gold outfit Kitco, that watershed could appear before the end of the week.
“Recent price action has choppy, quiet and sideways. This ‘collapse in volatility’ suggests a much bigger price move is right over the horizon–maybe yet this week,” he summarized on Wednesday.
Wyckoff added that bulls held “slight overall near-term technical advantage,” giving strength to the possibility of a break to the upside.
For him, Bitcoin hitting nearly $14,000 earlier this year followed by a consolidation period means that next in line is an uptick. This should happen by next May’s block reward halving and could take BTC/USD to $22,000.
“Looks similar to 2016 still,” he told Twitter followers on Wednesday.
Altcoins drip down amid lack of momentum
Altcoins meanwhile have seen a lackluster trading period over the past 24 hours, with most tokens losing several percentage points.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap stands at $250 billion, with Bitcoin’s share equating to 66.8% of the total.