Bitcoin Is Due For A Massive Price Move: Onchain Analysts
Bitcoin’s price is soon due for some major price action following an extended period of unusually low volatility, onchain analysis suggests.
In a newsletter published on Monday, lead Glassnode analyst James Check noted that the Sell-Side Risk Ratio for Short-term Holders is “dropping like a stone,” a behavioral indicator suggesting that the market is starved for new prices.
“Range contraction (consolidation) leads to Range Expansion (trending),” wrote Check in an accompanying tweet. “Bitcoin is coiled like a spring, and it usually doesn’t sit still like this for long.”
Range contraction (consolidation) leads to Range Expansion (trending).#Bitcoin is coiled like a spring, and it usually doesn't sit still like this for long.
Sell-Side Risk Ratio for Short-term Holders is dropping like a stone, telling us it is time to move. pic.twitter.com/JIu6Ps60pE
— _Checkmate
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