Bitcoin’s price is about to break out in what commentators expect will be a “big move.”
Excitement among the cryptocurrency’s online traders is building Monday, as weeks of comparatively flat price action look to end soon.
$BTC forming new triangle... watching the market closely, a big move is about to come#bitcoin #altcoin #fintech #thefutureishere pic.twitter.com/kEqt4hamN7
— Crypto Divinator (@CryptoHelvetia) July 10, 2017
Bitcoin has been trading on average between $2,400 and $2,800 since June 16, a considerably less volatile period to that which preceded it, according to data from Coinmarketcap.
Now, however, talk is growing of the virtual currency breaking out of its current triangle to set a new trend - up or down.
$BTC Too much FUD on twitter. I would only react if support breaks. In here for the long haul, so even a dip would be a gift! ;) pic.twitter.com/cAEA1OEgw7
— Anbessa (@Anbessa100) July 8, 2017
Short-term investors have been largely focused on altcoins such as Litecoin in recent weeks, with Ethereum having dropped and remained below $300 due to a turbulent bout of volatility at the end of June.
The tips are once again swinging to focus on Bitcoin, with even veterans such as WhalePanda hinting increased exposure to it over altcoins.
For the first time since the start of this $Crypto bubble I'm 65% in #Bitcoin, 15% in Fiat and only 20% in alts.
— WhalePanda (@WhalePanda) July 8, 2017
The upcoming SegWit activation deadline of August 1 is in itself expected to produce more volatile price performance for Bitcoin, yet it remains to be seen in which direction its value will trend.