{"id":58235,"date":"2019-11-18T17:45:58","date_gmt":"2019-11-18T15:45:58","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58235"},"modified":"2019-11-18T17:45:58","modified_gmt":"2019-11-18T15:45:58","slug":"bitcoin-price-nears-bottom-volatility-approaches","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-nears-bottom-volatility-approaches\/","title":{"rendered":"Bitcoin Price Nearing Medium-Term Bottom as Volatility Approaches"},"content":{"rendered":"<p>As the price of <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a> (BTC) has bled out over the past few months, drunkenly tumbling from $14,000 to $7,300 in an extended bear move, many have been asking when the cryptocurrency market will bottom. To the fortune of bulls, we&#8217;re purportedly almost there&#8230;<\/p>\n<h2><strong>Has Bitcoin Bottomed?<\/strong><\/h2>\n<p>Per <a href=\"https:\/\/twitter.com\/cointradernik\" rel=\"nofollow noopener\">Nik Patel,<\/a> a well-known cryptocurrency trader and analyst who publishes<a href=\"https:\/\/www.altcointradershandbook.com\/\" rel=\"nofollow noopener\"> regular reports<\/a>, Bitcoin is not too far from a bottom in this &#8220;leg.&#8221; Patel wrote in a Twitter post that he expects for $8,300 to be the point at which the leading cryptocurrency finds some support, though prices could drop as low as &#8220;$8060 but I doubt any further.&#8221;<\/p>\n<p>He did note, however, that he thinks that &#8220;we get higher-timeframe range chop until year-end though.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I think we&#39;re not far off the bottom for this leg in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a>. <\/p>\n<p>Discussed $8300 as a likely area for price to find support in the Market Outlook in late October&#8230; could drop to $8060 but I doubt any further. Thinking we get higher-timeframe range chop until year-end though.<\/p>\n<p>&mdash; Nik Patel (@cointradernik) <a href=\"https:\/\/twitter.com\/cointradernik\/status\/1196024120649166856?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Patel isn&#8217;t the only one that thinks Bitcoin won&#8217;t fall any further this deep into the market cycle. Delphi Digital, a research boutique closely tracking the crypto markets, recently noted that the volume profile of the Bitcoin market has printed clear signs that a bottom is in at $7,300. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.<\/p>\n<h2><strong>Volatility is Coming<\/strong><\/h2>\n<p>Patel&#8217;s assertion that Bitcoin is near a bottom, if it hasn&#8217;t found it already that is, comes at an important time: analysts believe that a large bout of volatility is about to hit the cryptocurrency market, and Patel&#8217;s assertion that we&#8217;re &#8220;not far off the bottom&#8221; suggests implies that said bout of volatility may be in the upward direction.<\/p>\n<p>Analysts expect<a href=\"https:\/\/en.ethereumworldnews.com\/?s=volatility\"> impending volatility<\/a> because the one-week Bollinger Band Width (BBW) indicator \u2014 an indicator that shows the width between the highest and lowest Bollinger Bands, which itself is a tool used to determine ranges \u2014 has reached the lowest levels since March 2019, which is right before Bitcoin&#8217;s explosive move to $14,000 began.<\/p>\n<p>Though until the move happens, no one is the wiser. After all, not many expected Bitcoin to explode from $4,000 to $5,000 at the start of April to kick off the bull market, nor did many expect for the cryptocurrency to tumble from $6,000 to $3,000 to end Crypto Winter.<\/p>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>As the price of Bitcoin (BTC) has bled out over the past few months, drunkenly tumbling from $14,000 to $7,300 in an extended bear move, many have been asking when the cryptocurrency market will bottom. To the fortune of bulls, we&#8217;re purportedly almost there&#8230; Has Bitcoin Bottomed? Per Nik Patel, a well-known cryptocurrency trader and analyst who publishes regular reports, Bitcoin is not too far from a bottom in this &#8220;leg.&#8221; Patel wrote in a Twitter post that he expects [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":57863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,5759,83,7659,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58235"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58235"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/57863"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}