Bitcoin Price Triangle Breakout Imminent, Investors Sense ‘Big Move’
Bitcoin is about to enter a new price triangle, investors say, with a “big move” expected shortly.
Bitcoin’s price is about to break out in what commentators expect will be a “big move.”
Excitement among the cryptocurrency’s online traders is building Monday, as weeks of comparatively flat price action look to end soon.
Bitcoin has been trading on average between $2,400 and $2,800 since June 16, a considerably less volatile period to that which preceded it, according to data from Coinmarketcap.
Now, however, talk is growing of the virtual currency breaking out of its current triangle to set a new trend - up or down.
Short-term investors have been largely focused on altcoins such as Litecoin in recent weeks, with Ethereum having dropped and remained below $300 due to a turbulent bout of volatility at the end of June.
The tips are once again swinging to focus on Bitcoin, with even veterans such as WhalePanda hinting increased exposure to it over altcoins.
The upcoming SegWit activation deadline of August 1 is in itself expected to produce more volatile price performance for Bitcoin, yet it remains to be seen in which direction its value will trend.