Bitcoin prices have gravitated back to $6,500, but could be on the verge of a move higher, says eToro analyst
Bitcoin prices moved sideways Thursday, in a third consecutive subdued session.
After Monday’s move higher, bitcoin oscillated on either side of $6,500, and in Thursday a single bitcoin BTCUSD, -0.83% was trading at $6,503.34, down 0.1% since Wednesday’s level at 5 p.m. Eastern time on the Kraken exchange. But one analyst said bitcoin’s lull may be coming to an end. “It’s only a matter of time now,” said Mati Greenspan, senior market analyst at eToro, speaking about a potential breakout for bitcoin. “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.” For Greenspan, the evidence is the rising number of transactions per second. “This is a classic indication that we’re nearing the end of the flat cycle.”Transactions per second is a barometer for the scalability of blockchain technology, which has been a roadblock to adoption of the distributed-ledger technology.