Bitcoin has seen some of the most boring price action it has witnessed in over a year.
After ranging between $9,000 and $10,000 for over two months, the cryptocurrency has now narrowed its trading range to between $9,000 and $9,300, with BTC primarily just hovering around $9,100.
The benchmark digital asset is showing few signs of breaking this trend anytime soon, but one analyst does believe that this could mark the “calm before the storm.”
Yeah, when people mention storm I think they are referring to something negative, which might meana downturn in this context??? With the Halving that took place a lot of people are expecting a bull run to take place. With the momentum we started this year with, we strongly believed that it would have already hit something close or more than the last ATH price, but the Coronavirus ruined everything and caused the price to backslide in to the low level it’s at now. Anyway, that doesn’t mean it’s over, sometimes when the price acts like this, before the next month is moves to the next upper level.
Whatever happens, after the recent halving, bitcoin markets must need to react for the deduced supply but we are not witnessing anything like that but bitcoin market is range bounding around $9000 levels which could be interpreted like a calmness before entering into full fledged storm like bullish trend.