Analyst says a Bitcoin breakout is 'only a matter of time now'

19 Oct, 2018
by Richard Allen
News
Analyst says a Bitcoin breakout is 'only a matter of time now'

Bitcoin is a far cry from what it was at the end of last year. The world’s leading cryptocurrency is currently trading at $6,466, down 1.12% at the time of writing. However, one analyst believes that Bitcoin’s respite might soon be coming to an end, MarketWatch reports.

“It’s only a matter of time now. Of course, the flat-line pattern could easily remain for another few months, and that wouldn’t be a bad thing; however, there are signs of excitement boiling underneath the cool price action exterior,” said Mati Greenspan, senior market analyst at eToro.

Greenspan says the rising number of transactions per second is evidence. “This is a classic indication that we’re nearing the end of the flat cycle.”

Technical strategist at Fubdstrat Global Advisors, Rob Sluymer mirrors Greenspan’s opinion, saying “The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies.”

“Why? The majority of cryptocurrencies have remained in narrow consolidations for weeks but many are testing important technical trading levels that, if breached, is likely to trigger a dramatic response by traders.”

In similar news, Vinny Lingham predicts another Bitcoin bubble will emerge

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Read more about: Bitcoin (BTC)

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