Bitcoin ‘extreme low volatility’ to end amid new $50K BTC price target
Bitcoin traders braced for a major move “around the corner” after days of BTC price action sticking to a tight range around $90,000.
Bitcoin eroded $90,000 support into Sunday’s weekly close as predictions saw BTC price volatility next.
Key points:
Bitcoin is seen breaking its sideways trading range as volatility hits “extreme” lows.
Traders wait for a breakout as the weekly close approaches.
Bear market fears spark another $50,000 BTC price bottom target.
Bitcoin breakout move “around the corner”
Data from Markets Pro and TradingView showed flat BTC price moves over the weekend, with strong horizontal resistance in place overhead.
Repeated attempts to break higher through the week failed, but Bitcoin’s tight trading range now led to forecasts of a major move.
“Extreme low volatility setup. Means a directional move around the corner,” trader analyst Aksel Kibar wrote in his latest post on X.
Kibar offered two potential scenarios for the volatility strike: a breakdown from the current bear flag formation on the daily chart, as well as a run at $95,000.
“If this works as a bear flag, one last drop towards 73.7K-76.5K area can take place where we look for a medium-term bottom signal,” he continued alongside an explanatory chart.
“If BTC is saved with a breach of 94.6K, it can quickly test 100K (the lower boundary of the broadening pattern).”
Others also saw BTC/USD at a crossroads, with new lows on the table if sellers took control.
“$90,600 and $89,800 is our range,” trader Crypto Tony told X followers on the day.
“Trade the breakout only.”
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$50,000 range now “potential” BTC price target
In its latest findings, onchain analytics platform CryptoQuant, meanwhile, warned that the Bitcoin bear market was already underway.
A combination of downward-sloping simple moving averages (SMAs) and price trading below key trendlines formed the basis for a grim new crypto market prediction by contributor Pelin Ay.
“Price reactions are being sold at declining moving averages, meaning these averages have turned into dynamic resistance levels. Attempts to break higher occur with low volume, showing that buyers lack strength. Selling volume on red candles is noticeably stronger than buying volume on green candles,” she wrote in a “Quicktake” blog post Sunday.
“During recovery attempts, buying volume fails to confirm upside moves. In short, Bitcoin is currently in a reaction phase within a bear market. The structure remains bearish, and upward moves lack conviction.”
While acknowledging that Ether had staged a stronger recovery from recent long-term lows, Ay said that even here, there was little reason for optimism.
“For now, the Bitcoin rally appears to be over,” she concluded.
“A deeper bear market phase, potentially toward the $50K region, is likely before the next major upward move.”
As reported, calls for much lower BTC price support retests have been growing throughout December.
