This Bitcoin factor could determine the real value of your portfolio

ambcrypto.com:

Bitcoin [BTC] could experience extremely high volatility if the indications from the derivatives market are anything to go by.

As revealed by CryptoQuant analyst MAC_D, the BTC leverage ratio was at its peak. The analyst also added that the increasing open interest was another signal that high volatility was forthcoming.

Apart from the derivatives indications, MAC_D also pointed to the happening in the exchange reserves. According to the analyst, decreasing reserves would reduce the selling pressure. This may, however, not be surprising considering the exchange reserves signs have been there for a while.

Additionally, if the reserves continue to decrease, the BTC price could increase. While MAC_D predicted a break out from $20,000, the four-hour chart had other ideas.

Source: CryptoQuant

Here’s AMBCrypto’s Price Prediction for BTC for 2023-24

Based on the Bollinger Bands (BB) signs, BTC’s volatility may not be as high as predicted. Despite increasing since 5 October, the BB seemed to be reversing to low levels at press time. 

However, the discussion about a possible break out above $20,000 had a few solid grounds. This was because BTC had been showing signs since holding the $18,975 support on 3 October.

Interestingly, the support had gone as high as $20,131 on 5 October before eventually losing the grasp. In addition, BTC was somewhat developing a bullish flag pattern; if completed, it could serve as the game changer for a breakout.

Source: TradingView

In another update, CryptoQuant itself agreed that the leverage ratio was high. However, the analytic platform claimed that the hesitation around the funding rates may not have provided a clear direction for BTC.

A look at Coinglass data showed no certainty for a positive or