Bitcoin (BTC) buyers are enjoying another day of zero volatility on December 26 as they hope the forecasts are signs of a trend reversal.
Opinions further differ on BTC’s price bottom
Data from Cointelegraph Markets Pro and TradingView confirmed more sideways action near $16,800 for BTC/USD on Boxing Day.
The pair fared well over the holiday period, with reduced volumes having no impact on an already deflationary market experiencing its the lowest volatility in history.
With few trading opportunities in the final week of “Do Nothing December,” analysts said tried to prepare the ship for potential headwinds.
“If BTC fails to reclaim ~$17,150 as support before the end of the year… Then $BTC will establish the $13900-$17150 range as its new playground,” Rect Capital tweeted in the new update.
“Therefore, in the worst case scenario, BTC could fall to the lows of $13900, which means a -20% drop from current prices.
Rekt Capital referred to the previous theory including support levels on the one-month BTC/USD chart.
The fresh downside continues to be a popular bet among commentators, with Il Capo of Crypto as always insisting on a new macro low yet to come.
“I think most bears expect 10k, ignoring all the support before that level.” 11k-13k is a very strong support that should hold,” he explained.
Responding however to another popular trading account, Profit Blue, stuck in their warnings that $10,000 will mark the bottom of the Bitcoin bear.
The analyst is counting down to the return of volatility
In terms of breaking the agonizing low volatility status quo, meanwhile, Trader Elysee had a potential upside for market participants.
Related: Bitcoin Accumulation Nears Record 800K Despite Whale Selloff
“BTC move coming up…. I think in the next 48 hours,” part of the tweet he said.
Eliza added a weekly BTC/USD chart with significant support at just above $13,000.
Many, however, were more than satisfied wait until the BTC price “chopfest” naturally ended.
The views, thoughts and opinions expressed herein are solely the author’s and do not necessarily reflect or represent the views and opinions of Cointelegraph.