Think Markets Crypto Analyst: Last Month’s Bitcoin Price Action is Indicative of Bull Run Breakout
Analysts Believe That Last Month of Bitcoin Price Action Is Indicative of Price Breakout
The last few weeks of Bitcoin’s price have been rather calm, maintaining a $6,000 to $7,000 level. However, one analyst, Naeem Aslam, believes that this state is reminiscent of what the token experienced in September 2017, which lead to a major bull run through the end of the year and the start of 2018. Aslam works for Think Markets UK as a chief market analyst.
When Aslam spoke to MarketWatch, he believes that there is a correlation between the two points in time, commenting that this could be a sign that a price rally is coming. He said,
“September is coming to an end and a very interesting quarter is about to start. Does it remind you of anything? Oh yes, it reminds me of last year’s bull rally.”
Even though it was not quite as high last year, ranging between $3,000 and $4,000, it was stable, just like it is now. Once October hit, it seemed like a fast pace to a $20,000 price tag, which it reached in December. Aslam alleges,
“It appears to me that a similar momentum could be building up again. This must be music to those who are suffering from heavy losses in the crypto market.”
As Bitcoin has maintained stability, it has helped investors to grow more confidence. XRP has gone from $0.26 to $0.70, though it lost some of that value, bringing it down to $0.52.
Even though XRP has been the highest performer lately, there are other cryptocurrencies that have shown their improved value too. Bitcoin Cash has been pretty weak lately, going from $640 to $420 at the beginning of the month. However, now that it is the end of September, the price has reached $540.
This month has been atypical for the cryptocurrency industry, since altcoins have kept a relatively stable value, but they have not been thriving as consistently as Bitcoin. XRP comes back up here, considering how successful the platform has been with their release of the xRapid settlement system and the possible release of Coil.