Murphy says rising BTC chip concentration points to bigger volatility in the next one to two months

Analyst Murphy said Bitcoin has posted consecutive daily doji candles, with rare upper and lower wick swings showing up on the chart. He pointed to data showing that on Aug. 1, two chip distribution bars formed in the $62,000-$63,000 range, totaling about 1.68 million BTC, with chip concentration at 12.9%. On Oct. 3, another two prominent bars appeared in the $83,000-$84,000 range, totaling about 1.52 million BTC, while concentration had risen to 12%. Murphy said the upper warning zone is now close. He also noted that after a similar data combination appeared on Aug. 1, BTC moved from $60,000 to $80,000 in just 17 days. In his view, heavier chip accumulation and rising concentration do not point to a confirmed direction on their own, but they do suggest that the probability of amplified volatility is increasing. He expects the market could see a major move within as little as one month, or as long as two months.