A crypto expert warns that Bitcoin needs a “quick and significant” recovery above $9,400 to avoid a crash. Bitcoin has been in a so-called compression phase for several weeks, characterized by higher lows and lower highs. This results in a wedge-shaped price range, which ultimately discharges in a sharp price movement. As the crypto currency is below the middle band of the Bollinger Bands, the Bitcoin threatens to fall. The Bollinger Bands are an indicator of the fluctuation in value of the market leading crypto currency, consisting of an upper, middle and lower band.

“We are approaching the end of the compression phase and are below the middle Bollinger band, which is not a good sign,” notes market analyst filbfilb. However, should the crypto currency climb to at least USD 9,400 beforehand, a slide may still be avoidable.