Bitcoin (BTC) is headed for a massive price move soon, according to this metric

Although generally regarded as a volatile asset with major price fluctuations, bitcoin has been stuck in a tight range for the past several days.

However, all this may change in the days to come, at least according to similar historical developments.

• Apart from the price plunging to a two-month low on May 12, BTC’s recent performance has been relatively uneventful.
• The asset shot up to a high of $27,600 last week and then plunged handsomely, marking the biggest price drop in the past ten days.
• Somewhat expectedly, the 7-day price range of the cryptocurrency has moved into rarely seen territory. Glassnode reports that this metric is currently at 3.4%, which is “the toughest it has been in the last 3 years.”
• Although rare, this development is not without precedent. The analytics company provided a few of them, including one in July 2020 and another earlier this year (January 2023), both of which saw huge price swings.
• Following the July 2020 halving, bitcoin went on a massive run that resulted in it breaking previous all-time highs and setting new chart highs several months down the road. Following the example of January 2023, BTC went up once again, albeit in a more modest manner.
• Another similar situation happened in late 2021 and early 2022. However, this was followed by a significant price retracement, which took BTC from an ATH of $69,000 to less than $30,000 in a matter of months.
• Looking at historical development, Glassnode suggested that more volatility is in the cards for BTC but failed to predict whether it would be up or down.

7-day price range (3.4%) #bitcoin One of the strongest in the last 3 years.

This can be compared to January 2023 and July 2020, both before major market moves.

This suggests that higher volatility is likely on the horizon.

pic.twitter.com/JZjvZe3yJa

— Glassnode (@glassnode) May 22, 2023