The inactive market just might be over as Mati Greenspan shares Bitcoin’s potential breakout is “only a matter of time now” while tech expert and business analyst Ian Mcleod states Ethereum’s adoption will drive Ether price to $500 before year end and to continue upward through 2019.
Increasing BTC TPS means Bitcoin nearing the flat cycle end
At the time of writing, Bitcoin has been trading at $6,450 while being in the red. The bitcoin market is yet again gone silent with a daily trading volume of $3.7 billion. However, this lull just might be coming to an end.
According to Mati Greenspan, senior analyst at eToro, when it comes to the potential breakout for Bitcoin,
“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.”
As for why now, the rising number of transactions per second “is a classic indication that we’re nearing the end of the flat cycle.”
Talking about the bitcoin transactions per second that took a plunge in the first quarter, it has been rising steadily in the second half of 2018. From the drop below 2.0 TPS in April, it took a 40 percent jump yesterday having reached 2.78 TPS. And the fact that the rise has been in a stable environment, unlike 4.8 TPS during December rally, is a positive factor.
Another analyst that shares the similar sentiments is the technical strategist at Fundstrat Global Advisors, Rob Sluymer who shared in his research note, “The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies.”
As for 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.”
Ethereum Blockchain adoption to drive ETH prices to $500
Though Bitcoin bull run triggers the bulls in the overall crypto market, one analyst is feeling extremely bullish about Ethereum. At the time of writing, Ethereum (ETH) has been trading at $203 in the red.
But it is not tamping down the expectations of business analyst and influential tech expert, Ian Mcleod, co-founder of art-tech agency Thomas Crown Art who is expecting the return of “bull market,”
“Ethereum’s price has been in bear territory for a few weeks, with prices declining dramatically. But it can be expected there will be a trend reversal between now and the end of the year. Once back in bull territory, there will be a dramatic upswing with considerable gains. It would be reasonable to believe that Ethereum will hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.”
He continued with:
“Much of the expected price rises will be fuelled by an increasing number of sectors including real estate, antiques, and finance, using Ethereum and its superior blockchain technology.”
“Not only is Ethereum a fundamentally strong digital asset, its blockchain provides workable, tangible solutions for many sectors, it solves problems, and enhances existing systems,”
Mcleod further added.