There’s no question that the past several months have been a wild ride for Bitcoin and the aggregated crypto markets, with BTC surging from 2019 lows of roughly $3,400 to highs of $13,800, which has proven to be a strong level of resistance in the time since.
This meteoric rise, and subsequent drop, has marked one of the most volatile periods in Bitcoin’s history, just slightly lower to that seen in late-2017 during the massive bull run.
Bitcoin Experiences Massive Volatility as Bulls and Bears Battle
At the time of writing, Bitcoin is trading up nearly 8% at its current price of $10,550, which is up significantly from its daily lows of $9,300 that were set earlier today.
This massive upwards movement came about after an extended period of downwards pressure on BTC, which has sent it reeling lower over the past several weeks from $13,800 – which remains a local top for the cryptocurrency.
Importantly, although the recent pullback has certainly spelled trouble for Bitcoin’s bulls, it is important to note that the cryptocurrency is still in a firm uptrend, as it is currently trading up a whopping 215% from its 2019 lows.
This level volatility has been largely unrivaled in the cryptocurrency’s history and has only been seen once in the latter part of 2018, and once during the massive bull run witnessed in late-2017.
“Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market,” Skew Markets explained in a recent tweet.
Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market pic.twitter.com/2CfKOOjPOo
— skew (@skew_markets) July 18, 2019
BTC May Experience a Significant Pullback Before Uptrend Continues
Although the volatility experienced as of late has been largely bullish, one prominent analyst is now noting that BTC may incur a significant pullback during the course of its next uptrend, which could send it to below $7,000.
Dave the Wave, a popular cryptocurrency analyst on Twitter, spoke about this uptrend cycle in a recent tweet, noting that Bitcoin may drop below $7,000 before finding support, a move that could be followed by a surge to fresh all-time-highs.
“Never fear, TA is here. A feasible scenario for a five year cycle going forward [lengthening cycles],” he said while referencing the below chart.
Never fear, TA is here. A feasible scenario for a five year cycle going forward [lengthening cycles]. pic.twitter.com/FUrwfWTi8o
— dave the wave (@davthewave) July 18, 2019
As the week continues on and Bitcoin continues to face increased levels of volatility, it is highly probable that Dave the Wave’s cycle outline will either be validated or invalidated, which could spell trouble for some investors who are expecting BTC to surge towards $20k in the near-future.
Featured image from Shutterstock.
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