Bitcoin price news: BTC could be due a 'powerful move soon' an expert has said (Image: GETTY)
Jesse Colombo, a registered investment advisor who warns about bubbles and future financial crises, was writing in Forbes magazine when he made the comments.
He said: “Ironically, in the financial markets, unusually low volatility often occurs before powerful, volatile moves - the ‘calm before the storm,’ so to speak.
“When Bitcoin finally breaks out of this pattern in a convincing manner, a significant move is likely to occur.”
He added: “Bitcoin volatility is at unusually low levels according to Bollinger BandWidth, which further confirms that a major move is likely to occur soon.”
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Bitcoin is currently in a so-called “bearish” market, which means it is falling in value over time.
But a number of analysts are not ruling out a “bullish breakout” - an upsurge in value - within the next few months of trading.
Commenting on the bearish trend, Mr Colombo said: “Descending triangles are bearish patterns, so there is a higher probability of a breakdown from here, but it is important to be open to the idea of an upside breakout as well.”
The world’s most popular cryptocurrency has suffered significant price drops throughout 2018 as it experienced vast swings in value over short periods of time.
READ MORE: Bitcoin price down
A chart shows Mr Colombo's descending triangle (Image: FINVIZ.COM)
Bitcoin price news: Bitcoin's descending triangle has been forming since February/March of this year (Image: FINVIZ.COM)
BTC’s value reached record highs in January, hitting more than $20,000 (£15,000) per coin, before plummeting to a low of about $5,900 (£4,600) in July, according to CoinMarketCap.
Since then, prices have not returned to their former highs, with the digital currency valued at $6,304 (£4,908) at the time of writing.
More recently, BTC has experienced a gloomy couple of days of trading as its price fell sharply by $200 (£157) in just 24 hours between October 29 and 30, according to CoinMarketCap.
Mr Colombo’s intervention comes as the digital asset celebrated its 10th birthday yesterday - marking ten years to the day since a paper was published by an anonymous individual or group of so-called cypherpunks called Satoshi Nakamoto.
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