Boring Bitcoin Remains In 15% Trading Range

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Last Updated on 18 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Historical charts of the BTC price claim that whenever the world’s most famous cryptocurrency stays in a tight trading range for a long time, a major price move is imminent. If that is also the case this time round, then we are indeed due a breakout.

Whereas we reminded you some 45 days ago that September was typically a bad month for Bitcoin, it has since still refused to go below the $10,000 level. In fact, Bitcoin has become so stable since July of this year, trading between a $10k and $12k level for some three to four months now, that the term Boring Bitcoin was born.

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Major investors

In earlier months this year, we’ve seen price jumps from $4,000 all the way up to $10,000 (March-May) and from $8,000 to $4,000 (February-March) in shorter timeframes. However, since the halving there seems to be renewed interest from major investors for Bitcoin (and crypto as a whole) and rumor has it that whenever Satoshi Nakamoto’s coin dips towards $10k, Wall Street buyers are buying up big blocks.

If that is so, then a sudden market move upwards would probably mean an upward trend above $12k for the best known cryptocurrency.

On the other hand, a renewed lockdown in Europe of the major economies or a drop in US stock markets would probably have a reverse effect. The next few weeks will be nothing else but very interesting indeed. Is it a good idea to buy Bitcoin, or should we wait?