Bitcoin (BTC) could be on track to repeat the late 2018 sale, the Bitcoin Revolution data warns, as volatility is at a three-year high.
Updating the charts on July 6, the analyst of the Skew chain made comparisons with Bitcoin in its 2018 bear market.
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Bitcoin’s 10-day volatility drops to 20%.
Analyzing the realized volatility, Skew pointed out that the last time the metric system reached 20%, there was a mass capitulation event, during which the BTC/USD pair reached $3,100.
„The last time we reached that level, shortly after we recorded the big sale in November 2018,“ the analysts warned.
The volatility made refers to historical volatility measurements, with 20% in the 10-day reading marking a minimum of 33 months.
As Cointelegraph reported last week, the lack of volatility came hand in hand with the decline in Bitcoin volumes, which analysts already believe will soon lead to a „big move“ up or down.
BTC/USD is repeatedly testing the $9,000 support, while attention is focused on the $8,600 defense to prevent a further decline.
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While Bitcoin appears unstable, the opposite is true for gold, with commentators anxiously awaiting a bullish spurt.
With stocks rising but uncertainty about long-term sustainability, gold is challenging its all-time highs from 2011.
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For Bitcoin sceptic Peter Schiff, the investment choice was obvious at the beginning of the week.
„Gold appears to be losing resistance just below $1,800 while Bitcoin is simultaneously losing support just above $9,000,“ he wrote as part of a Twitter poll on Sunday.
„I expected both resistance and support to fall, with #gold rising as #Bitcoin falls.