The Bitcoin price has lost its volatility over the last few months and has been stuck in the $19,000 to $20,000 range. Since the volatility of Bitcoin is one of its most obvious features, the sudden lack of upward or downward volatility has become a cause for concern among investors. Analysts have now predicted that the Bitcoin price is going to drop lower to the $10,000 level if no correction takes place.
Bitcoin Price Analysis Today
At the time of writing, the price of Bitcoin was $18,980.45. The cryptocurrency was down by 0.98% against the USD. Over the last 24 hours, the Bitcoin price has traded in the $18,929.06 to $19,203.20 trading range. It is a slightly lower range than the range a few days ago.
Note that the cryptocurrency has lost over 71% of its value since it reached an all-time high of $69,000 in November 2021. According to some analysts, the Bitcoin price is still going to move lower against the USD and is at risk of bottoming out around the $10,000 level. The fall to $10,000 may not be the end of the road as a final bottom of $6,000.
During an interview at KITCO News, Florian Grummes, a globally renowned financial chart analyst said that he doesn’t think the bear rally is over yet. The expert noted that the cryptocurrency has the potential to recover but not until it has fallen to the $10,000 to $15,000 range. He also noted that there is also a possibility that Bitcoin will fall as low as $6,000 before a significant upward correction can start.
How are Altcoins Trading as Bitcoin Loses Volatility?
Some altcoins, like Ethereum and BNB Coin, have been trending in the same pattern as Bitcoin. However, some others are rising higher against the USD despite the lack of volatility. XRP, for example, has increased by more than 37% within the last 30 days.