Bitcoin's annualised volatility in Nov 2021 was 112% while price was making the last significant top. This cycle, Bitcoin volatility reached a high of 81% in March and is currently sitting at 52%.
A recent analysis by Fidelity Investment shows that low volatility indicates seller exhaustion and typically occurs before an upward move in price. The firm notes that Bitcoin has shown signs of maturation compared to other assets like META, Nvidia and Tesla. The analysis concludes that Bitcoin's next phase might be a spike in volatility while doubling in price before reaching the current cycle top.