Bitcoin Stability A Sign Of A Bull Run?

2018-10-9 15:30

The stability of Bitcoin has always been a bit shaky, however, over the past month or so, the leading crypto has been surprisingly… still.

If you asked anyone earlier in the year why Bitcoin could never replace fiat currencies the first reason would most likely be due to its volatility and stability. Over the past month, Bitcoin has been sticking around the $6,500 mark which suggests its behaviour has matured similarly to a fiat currency.

New beginnings?

This stability of Bitcoin over the past month has taken everyone by surprise leaving some to ponder whether this is a new beginning of sorts for the coin. This isn’t just a strange thing to happen for the coin but people are labelling it as consolidation before a bull run breaks out. Despite all this, its a positive sign for the leading crypto and its future looks bright from here on out. What measures the stability of Bitcoin is the Bitvol Index has also shown stables signs over the past month and according to the Index Bitcoin experienced a variation of over 1.5% in comparison to the usual 3-7%.

With big companies such as banks and regulators watching the crypto world, maturity is definitely, slowly but surely, heading into the crypto space. So many people now have a better understanding of what Bitcoin is and how it works and are using the knowledge in the best way possible to give Bitcoin a shape of an actual currency than just a speculative money-making investment.

The few times Bitcoin has acted in this way, have all resulted in a bull run. We don’t want to get your hopes up but, can’t we get excited just a little?

An analyst and investor in crypto, Joseph Young has a similar view as he also believes that this could all be signs of a rally about to occur.

Bitcoin is seeing 17-month record high stability. Has been in $6,400~$6,800 range since August 9, apart from 1 day in September when it broke out of $7k.

Historically, Bitcoin recorded long periods of stability before initiating a new rally. https://t.co/Jic0J51RMq

— Joseph Young (@iamjosephyoung) October 7, 2018

What are your thoughts? Let us know what you think down below in the comments!

References:

CoinGape

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