Bitcoin's Narrow Range May Break, Analyst Warns of Coming Volatility
Crypto analyst Benjamin Cowen is warning that Bitcoin's recent price stability may be followed by increased volatility, potentially leading to a larger move. The current price of BTC remains around $63,000.
According to Cowen, Bitcoin is being squeezed between its 200-week moving average and the bear market resistance band, creating a narrowing range that will eventually force a larger move. He expects Bitcoin could break lower before the cycle bottoms, potentially alongside a stock-market correction later in September.
Cowen highlighted historically low volatility as one reason traders should not become complacent. BTC's 60-day volatility has fallen to roughly 1.47%, while 30-day volatility sits near 1.16%. These levels rarely persist for long, and Cowen believes the volatility will expand sharply as summer ends.