2016/09/01 5:00 AM
Despite a recent drop — about two dollars since our last article — the bitcoin price has remained relatively still. The sentiment among analysts is that bitcoin is preparing itself for a hefty move in the coming weeks, but still needs a little more time to warm up.
Also read: Bitcoin Price is Preparing for a Monster-Sized Move
Bitcoin Price Still Prepping for Big Move, Analysts Say
One source explains:
“Bitcoin price pulls lower toward horizontal support near $560. The outlook remains that the market is engaged in a sideways base formation prior to advance. Price is returning to the consolidation floor today, and we watch to see if the support zone above $560 holds.”
The strategy bitcoin seems to be following is one of compression. While the price has continued to drop, these falls are quite small in comparison to what occurred following the infamous Bitfinex hack a few weeks ago. Bitcoin has slipped by a few dollars…