Bitcoin hasn’t given up its volatility, and in a sudden move it fell by 14% to $17,100.

To be affected by the demands and pressures of purchase finally and less than it was weeks ago.

The correction was expected after weeks of bullish price action.

Bitcoin bounced from yesterday’s $19,600 area to as low as $17,100 and then bounced back to its current level of $17,900.

Analysts split on Bitcoin’s next move:

Analysts are currently divided over what will come next for Bitcoin

Analysts note that Bitcoin has started to print bearish technical signals near the overbought rallies.

They relied on a sign that Bitcoin is in overbought territory.

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Mohit Surut, co-founder of Bitazu Capital, shared the chart below on the day Bitcoin broke through the $19,000 level.

The chart shows the Bitcoin price movement relative to the “Pi Cycle Top” indicator.

The index is a formula that has accurately forecast medium-term highs for bitcoin in the past, including the mid-2019 high, along with a series of highs that occurred in 2016 and 2017.

If history repeats itself, there is a good chance that Bitcoin will correct back towards the lower boundary of the indicator, and then it will come back up to break the upper boundary of the indicator.

while Share Alex Viscom, partner at Alice Capital, has a similar bearish chart.

The chart shared by Alex shows that the current Bitcoin market sentiment and position closely resembles the 2019 highs and all-time highs seen in 2017.

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