Bitcoin, the flagship cryptocurrency, has over the past two weeks seemingly been stuck to a trend that an analyst argues it can’t break out of over a “chronic lack of interest,” which means the only way for it to go is down.
According to Jani Ziedins of Cracked.Market, bitcoin’s outlook doesn’t seem to be bright in the near future. Ziedins stated:
Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower.
Despite various developments in the cryptocurrency space, bitcoin’s price has been trading in a $1,500 range, which is the smallest 30-day trading range it has had since July of 2017, when it was trading under $2,000.
This lack of volatility, to analysts at Element Digital Asset Management, can mean the market is starting to adopt bitcoin as a store of value. Per the analysts, the US Securities and Exchange Commission’s (SEC) pending decision on the VanEck-SolidX bitcoin ETF may help the cryptocurrency’s price break out of its current range.
According to CryptoCompare data, bitcoin is currently trading at $6,560 after rising 1.39% in the last 24-hour period. In the last two weeks, it saw a $6,800 high and a low of $6,350, after plummeting from about $7,400 in early September.
Some still believe the cryptocurrency’s price will come back up, despite the cryptocurrency’s declining volatility. As CryptoGlobe covered legendary financial advisor and best-selling author Ric Edelman has recently explained why he is bullish on BTC.
Through a press release, it was revealed that Edelman was going to serve as an advisor in Bitwise, as he invested in the company. Interestingly, FinTech startup Abra, which runs a non-custodial crypto wallet app, has recently released a new token called BIT10 that “tracks the professionally-managed Bitwise 10 Large Cap Crypto Index.”
As MarketWatch reported, Bitwise’s CEO Hunter Horsley and the company’s global head of research Matt Hougan noted that while nothing too exciting happened for BTC’s price in September, that isn’t necessarily a bad thing.
From our point of view, there was nothing landmark that happened during the month; instead, the slow drumbeat of progress continued, which is great.
As CryptoGlobe covered bitcoin may see its price surge in the last quarter of this year, as a seasonality chart from Element Digital Asset Management shows bitcoin’s returns in Q4 of most years have been impressive, so much so it only dropped in value for a total of 14 days in the end of 2015, 2016, and 2017.
Most altcoins are currently up in the last 24-hour period. Looking at CryptoCompare data shows ethereum, the second-largest by market cap, rose 2.4% to $223.7, while XRP rose 1.8% to $0.53.
Bitcoin Cash and litecoin are up by 1.37% and 2% respectively, and are trading at $521 and $58. Among the top cryptocurrencies EOS has recorded the most gains after climbing 2.69% in the last 24-hour period to $5.72.