Bitcoin is stuck around $6,500 and become boring with no movement whatsoever. However, this low volatility is seen as the calm before the storm by Andy Cheung, head of operations of second largest crypto exchange. Meanwhile, some believe this has washed out the emotional traders and leading cryptocurrency might be nearing its bottom.
Not Bearish or Bullish, It’s Bore-ish!
Bitcoin is simply boring right now!
The market is inactive with the daily trading volume of just about $3.6 billion. At the time of writing, Bitcoin has been trading at $6,353 while being down 1.92 percent. The $110 billion market cap cryptocurrency is stick between the range of about $6,200 and $6,800 for close to 3 months now as shown in the chart below.
No volatility in the market has made the crypto enthusiasts, traders, and investors lose interest in the market. Crypto Cobain, a popular crypto trader shared a cheeky Tweet:
“If this market gets any more boring I’m going to have to become a full time league of legends streamer for spare cash.”
Well, at this point looks like people just want to see some movement in the market as Crypto Cobain then Tweeted this to his 151k followers,
If btc is still in this range in a month then I will delete my account
— CRYPTO CO฿AIN (@CryptoCobain) October 28, 2018
But is it a Signal of a Coming Storm?
However, some are feeling positive about this no movement scenario as the Andy Cheung, head of operations at second largest cryptocurrency exchange by trade volume as per Coinmarketcap, OKEx Tweeted,
“It’s always quiet before a good storm. The market has been calm for almost a year, we can expect something good to happen soon to our birthday boy $BTC.”
— Andy Cheung OKEx (not giving away OKB) (@AndyC0125) October 29, 2018
Also, Charlie Morris, multi-asset head at Atlantic House Fund Management in London has been quoted by Bloomberg as saying,
“It simply means the market is calm and in balance. That implies that speculative interest is low. Given this bear market is now 10 months old and is getting tired, I’d be inclined to be bullish for the next major move.”
Moreover, this could also mean Bitcoin might be nearing its bottom. Danial Daychopan, the chief executive officer of Plutus, an app for crypto transactions shared,
“The current Bitcoin market is relatively stable. The cost of the emotional traders has been washed away by the recent crash and with it a lot of the volatility.”
From the high of about $19,500, Bitcoin is currently hovering near $6,500 with a loss of about 67 percent.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.