Home / Bitcoin Latest News / ‘It’s only a matter of time’ until bitcoin breaks out, says one analyst

‘It’s only a matter of time’ until bitcoin breaks out, says one analyst

Bitcoin prices traded sideways Thursday, on track for a third-consecutive subdued session.

After Monday’s move higher, bitcoin oscillated on either side of $6,500, and in Thursday trading a single bitcoin














BTCUSD, -0.01%












 was at $6,511.28, unchanged 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 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.” For Greenspan, the evidence is the rising transactions per second. “This is a classic indication that we’re nearing the end of the flat cycle.”

Transactions per second are a barometer for the scalability of blockchain technology, which has been a roadblock for adoption of the distributed ledger technology.



Bitcoin transactions per second, per blockchain.com

Read: Opinion: Roubini calls out the big blockchain lie

Altcoins, the collective group of more than 2,000 coins other than bitcoin, were off to a slow start. Ether














ETHUSD, -0.33%












 was up 0.3% at $203.52, Bitcoin Cash














BCHUSD, +0.07%












 was up 0.7% at $442.00, Litecoin














LTCUSD, -0.59%












 was off 0.2% at $52.48 and XRP














XRPUSD, +0.26%












the cryptocurrency of the Ripple protocol was trading up 0.5% to 46 cents.

In bitcoin futures, the Cboe Global Markets November contract














XBTX8, +0.08%












is the most active now and was unchanged at $6,425, while the CME Group October contract














BTCV8, +0.00%












 is off 0.2% at $6,410.

Read: This is where cryptocurrencies are actually making a difference in the world

Read: Tight job market suggests crypto is here to stay — in one chart

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

About mujtaba

Check Also

Crypto Initiative Donates Monero to Bail Out Immigrants in ICE Detention

The Bail Bloc initiative has began the use of cryptocurrency raised via charity to lend …

Leave a Reply

Your email address will not be published. Required fields are marked *