Boring Bitcoin Remains In 15% Trading Range

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Historical charts of the BTC price claim that whenever the world’s most famous cryptocurrency stays in a tight trading range for a long time, a major price move is imminent. If that is also the case this time round, then we are indeed due a breakout.

Whereas we reminded you some 45 days ago that September was typically a bad month for Bitcoin, it has since still refused to go below the $10,000 level. In fact, Bitcoin has become so stable since July of this year, trading between a $10k and $12k level for some three to four months now, that the term Boring Bitcoin was born.

Major investors

In earlier months this year, we’ve seen price jumps from $4,000 all the way up to $10,000 (March-May) and from $8,000 to $4,000 (February-March) in shorter timeframes. However, since the halving there seems to be renewed interest from major investors for Bitcoin (and crypto as a whole) and rumor has it that whenever Satoshi Nakamoto’s coin dips towards $10k, Wall Street buyers are buying up big blocks.

2016: The institutions are coming!
2017: The institutions are coming!
2018: The institutions are coming!
2019: The institutions are coming!
2020: The institutions are here!
2021: Dammit, the institutions bought all the #Bitcoin

— Jon Rice (@JonRiceCrypto) October 17, 2020

If that is so, then a sudden market move upwards would probably mean an upward trend above $12k for the best known cryptocurrency.

On the other hand, a renewed lockdown in Europe of the major economies or a drop in US stock markets would probably have a reverse effect. The next few weeks will be nothing else but very interesting indeed. Is it a good idea to buy Bitcoin, or should we wait?