There could be a potential breakout for Bitcoin price as it nears the end of a flat cycle, according to eToro analyst Mati Greenspan.
Only a Matter of Time
The price of Bitcoin seems to have settled down again after its recent surge to $7,000. At the time of writing, it is trading at $6,535, according to CoinMarketCap.
For several weeks, the number one cryptocurrency has remained within the $6,200 and $6,800 range. For many, this may signal that Bitcoin is reaching a less volatile state. However, according to one analyst, this may soon change. Speaking of a potential breakout for the currency, Mati Greenspan, senior market analyst at eToro, said “it’s only a matter of time,” reports MarketWatch. He added:
Of course, the flatline 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.
Elsewhere in the market, the price of Ether remains floating about $200, whereas XRP, which rose to around $0.70 following the announcement of Ripple’s xRapid launch, is trading at $0.45.
Ox, which is currently ranked as the 23rd most valuable altcoin, recently saw its value shoot up by 15 percent in a 24-hour period. This was following news that Coinbase had launched the ZRX token on its Coinbase Pro platform. However, at the time of publishing, though, Ox has seen a near 10.50 percent drop in the past 24 hours. Some in the space, though, are reporting that there may have been insider trading.
The potential for insider dealing here stinks.
— Kevin ”Thuggish” Pham (@_Kevin_Pham) October 16, 2018
The cryptocurrency market is still attracting interest. Positively, institutional investors are seeking ways of getting involved. As a result, different options are beginning to open to them as a way of storing their assets securely.
San Francisco-based crypto exchange Coinbase is one such example. Earlier this year, it launched its Coinbase Custody service aimed at institutional investors. However, while it is aiding bigger investors, they may need something more to bring them in.
What may see this coming about was an announcement made earlier this week. Asset management firm Fidelity Investments became the first major U.S. company to offer a custody service for Bitcoin and Ethereum. As the fourth largest asset manager that has the credentials to go with it, this move may help drive investor adoption.
Of course, only time will tell.
Do you think institutional investors will drive market prices up? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@_Kevin_Pham.