Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

[oksgvardukraine2018]

Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

The bitcoin price has been remarkably stagnant in recent weeks, with the flagship cryptocurrency’s volatility declining to a 17-month low on Oct. 8.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class. But while declining volatility may make the case that bitcoin is a store of value a bit more plausible, cryptocurrency investors, particularly those who placed their bets when the market was near an all-time high, would prefer that BTC plateau while trading near a peak — not languishing in a valley.

Bitcoin Price Heading into ‘Classic Breakout Pattern’
EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

Writing in market commentary made available to CCN, Greenspan said that bitcoin’s range has steadily been getting narrower, so much so that it has now reached a tip. This, he said, is a “classic breakout pattern.”
https://www.ccn.com/bitcoin-price-heading-into-classic-breakout-pattern-analyst/

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[Marcel666]

It is definitely becoming a more stable currency than it was a couple of years ago. And increased adoption and circulation is partly responsible for that.
This is also prove that the community alone can support the growth and maturity of bitcoin without government involvement or centralization.

[Pursuer]

The bitcoin price has been remarkably stagnant in recent weeks,

it is not "stagnant" it is stable while being accumulated.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class.

this "Intelligence commodity strategist" should learn to reach the charts. this is not the first time we have such patterns where price is very stable without much movement. and that has nothing to do with maturity! not to mention that "cryptocurrency market" is not the same as bitcoin market. the whole market also contains altcoins which have been pretty volatile as they get dumped or pump these days unless they are waiting to be pumped.

it is interesting that CCN (a shitposting website) is quoting Bloomberg (bitcoin doomsday specialist )...

Bitcoin Price Heading into ‘Classic Breakout Pattern’
EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

not gonna happen this soon and not at all fast. it might have been the case if price broke out 2 months ago but after this stability any rises will be slower too as the money slowly creeps back in.

[Red-Apple]

one thing about bitcoin breakouts is that you can not predict them and there is no pattern that you can rely upon. there is only guesses that people make and most of the times they are not correct guesses.
in this case i don't see any breakout patterns at all. there is only a flat line on the charts without any signs of any kind of rise or drop on the way.

[Hivalley]

While it's very true that the market has been fairly stable this past few weeks,a breakout pattern probably is not in sight,as it's unpredictable,the stability in the price most times doesn't indicate a breakout,i do not really see the bitcoin rising far above it's resistance levels and an increase in trading, volatility or investment anytime soon 

[davis196]

"Maturing asset class".Haha,this guy is probably joking.
2 months of low price volatility can't prove that bitcoin has "matured".
The etoro analyst is wrong as well.BTC will continue with the relatively stable price for the next 3-4 months.

[audaciousbeing]

Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

The bitcoin price has been remarkably stagnant in recent weeks, with the flagship cryptocurrency’s volatility declining to a 17-month low on Oct. 8.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class. But while declining volatility may make the case that bitcoin is a store of value a bit more plausible, cryptocurrency investors, particularly those who placed their bets when the market was near an all-time high, would prefer that BTC plateau while trading near a peak — not languishing in a valley.

Bitcoin Price Heading into ‘Classic Breakout Pattern’
EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

Writing in market commentary made available to CCN, Greenspan said that bitcoin’s range has steadily been getting narrower, so much so that it has now reached a tip. This, he said, is a “classic breakout pattern.”
https://www.ccn.com/bitcoin-price-heading-into-classic-breakout-pattern-analyst/

Everyone have turn analyst even though the individual could have been a low level analyst in the firm and not even interested in bitcoin. Just like all the traders on the stock market who are fond of giving analysis, future outlooks, historical breakthroughs, upcoming events that might affect the market, majority of them actually don't have a stake as they rely on investors fund to continue their relevance while they are paid whether they made loss or profits.

Everyone who have basic knowledge about crypto would know that you can by default rationalize that the current low ebb and gradual improvement to price is tilting more towards some upward trend in price. Whether this would eventually happen is its just mere wishful thinking is another discussion entirely. Let him keep his analysis while the active market players would decide what happens next and not someone who read graphs to express an opinion.

[darkangel11]

Check this out.
Cautiously Bullish: Bitcoin Price Clears Key Trendline to Pass $6.6K
https://www.coindesk.com/cautiously-bullish-bitcoin-price-clears-key-trendline-to-pass-6-6k/

And what happens next? We get a drop to from 6650 to 6550. It's like the charts just don't show any love to this guy.

As long as I like to read views on the upcoming price action it usually shows that bitcoin just doesn't care.
Classic breakout pattern in their words can mean a break up or down. They never know for sure. I can do the same and tell you that in a year Bitcoin will 100% not be trading for 6600 USD. It can be trading for more or less, I don't know, just like our analysts.

[CoinCodex]

Here are some top Bitcoin Price Predictions for 2018!

https://coincodex.com/article/2459/top-5-bitcoin-price-predictions-for-2018-can-btc-deliver/

[NeuroticFish]

Bitcoin has now the classic pattern of "We have absolutely no idea what the heck is going to happen next". So everybody turns analyst and also everybody believes what they want to believe.
Some say the bottom was reached and it's break out, some say the bottom was not reached yet. It all depends on how optimistic is everybody, really...

[bitfocus]

Stability will bring more trust in BTC - thanks

[pawanjain]

It has become quite clear to us here that the last year's pump created a huge volatility in bitcoin's price and since the surge in price had decreased, the price dumped. If we look at the charts we can notice that bitcoin is at the same price where the pump started from and I believe that since the bubble has burst, bitcoin can now increase steadily as it has been all these years. I feel really good if bitcoin increases at a steady rate than such huge price surges.

[Lorna111]

It has become quite clear to us here that the last year's pump created a huge volatility in bitcoin's price and since the surge in price had decreased, the price dumped. If we look at the charts we can notice that bitcoin is at the same price where the pump started from and I believe that since the bubble has burst, bitcoin can now increase steadily as it has been all these years. I feel really good if bitcoin increases at a steady rate than such huge price surges.

   Yes, the market status show's a lot of good indicators, Bitcoin remains stable even with slight ups and down on the market price value as posted in the market, with clear market structure, good and stable fundamentals, the high consumers level of confidence on the market, and if we take the market preview on the price on the same period last year we can see that its at the same time when Bitcoin start to have a huge movement on the market, its been a while the status quo on Bitcoin status was been observed. let's continue to monitor...i am optimistic that something will happen soon..

[palle11]

It all depends on how optimistic is everybody, really...

I think also that way. It will depend on what price any body has on his head and what experience they had last breakout during last December. Some had unforgettable good memory while some have not come out from it till date.

[bangkecol]

As far as I know in trading usually if too long a price movement occurs stagnant or low volatile, there will usually be a large price movement in the next session,

If fundamentally described, investors are waiting for good news from bitcoin itself, if seen from a technical point of view, the market is still unable to break out from $ 6000, which means it indicates market optimism for bitcoin is still happening. And it will likely re-establish a new positive trend in Q4 depending on how far the breakout will occur.

[BrewMaster]

no bitcoin is not heading into any kind of breakout patters.  the only pattern that it currently has is a stable horizontal line signalling accumulation. but there is a breakout pattern here too. the pattern of some investors getting anxious and heading towards nervous "breakout" and giving up on bitcoin and this is a very good thing because historically when these types of people get out of the market price rises up fast...

[shamc]

This shows that a break out is possible but not imminent. There is a period of stagnation first which is what we are experiencing, but when the break out occurs we can be damned sure that it will pump up fast

[figmentofmyass]

The bitcoin price has been remarkably stagnant in recent weeks, with the flagship cryptocurrency’s volatility declining to a 17-month low on Oct. 8.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class.

it's just a volatility squeeze. the current squeeze is similar to levels we saw in 2016, so it's certainly not unheard of.

by "maturing asset class" does he mean "not volatile"? if so, he's in for a surprise when the market breaks out of this lull. we'll have our volatility back soon enough---that i am confident of.

EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

Writing in market commentary made available to CCN, Greenspan said that bitcoin’s range has steadily been getting narrower, so much so that it has now reached a tip. This, he said, is a “classic breakout pattern.”

up to a point. in my experience, the most reliable breakouts occur at 60-80% of the way to the apex. at this point, we might continue sideways right through the end of the triangle. i've seen it happen many times.

[tosmartak]

no bitcoin is not heading into any kind of breakout patters.  the only pattern that it currently has is a stable horizontal line signalling accumulation. but there is a breakout pattern here too. the pattern of some investors getting anxious and heading towards nervous "breakout" and giving up on bitcoin and this is a very good thing because historically when these types of people get out of the market price rises up fast...

It is indeed a pattern for a break out normally, but not like it is a must we get to see it happen, even though most of the time, we get to see that break out happen anyway. It has always been a general pattern when there is a possible fight between the bulls and the bears, and traders looking at who is going to end up losing that fight which will depend whether to be participating or getting out of the market, but the thing here is that time is the only thing we have in our hands that will tell how things will turn out eventually.

[wuvdoll]

no bitcoin is not heading into any kind of breakout patters.  the only pattern that it currently has is a stable horizontal line signalling accumulation. but there is a breakout pattern here too. the pattern of some investors getting anxious and heading towards nervous "breakout" and giving up on bitcoin and this is a very good thing because historically when these types of people get out of the market price rises up fast...

Well, that is still a pattern for pre-breakout when the accumulation is going on. At least we have been seeing some higher lows and lower highs and that is a triangle formation which usually happens most times at the end of a market correction or even at times the continuation of it, with the break out telling what is going to end up being the next. The volatility is definitely still there and nothing has changed that, and in a way, once we get to see the break out to the direction that the market chooses eventually, then we will see the volatility popping in.

This shows that a break out is possible but not imminent. There is a period of stagnation first which is what we are experiencing, but when the break out occurs we can be damned sure that it will pump up fast

You have a point there. There has been some times that we ended up having a move outside a triangle in the past and then the market kept moving sideways for a very long time before we started seeing possible trend changes, so in a way, we can say a break out is possible. It is a normal pattern where a break out is expected from what we are seeing now, and how it turns out eventually is going to be left with time, so in this case, we just have to be patient enough to wait for whatever comes out of the formation or pattern as it is so called.