It's going to get worst before it gets better for the price of bitcoin , according to Wolfe Research.
Bitcoin has been largely unmoved since July due to market apathy.
"The coin has traded within a ~$2,000 range since late June, with $30,000 being the midpoint of said range," Rob Ginsberg, a technical analyst at Wolfe Research said in a note Wednesday.
In the past two years, bitcoin has "abruptly expanded" after a tight consolidation more than eight times, he added.
"These near-term headwinds are likely to force price lower in BTC and keep volume muted across the space.
Persons:
Bitcoin, Rob Ginsberg, bitcoin, Ginsberg, — CNBC's Michael Bloom
Organizations:
Wolfe Research, BTC