Bitcoin (BTC) Stranded Again, In Sideways Action- What Next?

Bitcoin (BTC) Stranded Again, In Sideways Action- What Next?

Last week saw many crypto enthusiasts get excited at the possibility of the bull run being witnessed in the market being the run that sees cryptos return to their former glory days. After an impressive start of the week- November 05, bitcoin and most altcoins soared through the week. However, prices began falling on Thursday 08, killing off the enthusiasm and momentum that was propelling the market.

Last week felt like it was the market’s moment to recover after a year of drops. If the gains and positive momentum had dragged for the next remaining weeks of the year, this would have seen the market end on a high and set it up for a great coming year.

Now, as we get into the week beginning November 12, the market has slowed down and there’s no telling where it will go next. The market is largely being characterized with sideways action. Although Bitcoin has found support at $6,378, it has consequently been unable to trade above $6,433.

If you asked cryptocurrency pundits last week what they expect over the coming weeks, almost all of them were bullish. Now, there seems to be a rift and while some are still seeing bitcoin ending the year on a high, others are bearish. Among the bulls who are calling for a bull run to happen sooner than later is Changpeng Zhao, chief executive of cryptocurrency exchange Binance.

Speaking to CNBC’s Crypto Trader program, the CEO noted:

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“Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.”

Tim Draper, a venture capitalist, shared the same sentiment. Draper has stood with a prediction he made earlier in the year, predicting bitcoin would hit $250,000 in the next four years. In a recent Web Summit conference he noted he still stands with his prediction, he answered:

“Yes. We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’…”

One man who has changed his position in recent weeks is Mike Novogratz, cryptocurrency investor, CEO, and founder of investment firm Galaxy Digital. In an Economist’s Finance Disrupted 2018 conference, Novogratz predicted that bitcoin would not break $9,000 by the end of the year.

As we approach the end of the year, it is hard to see bitcoin soar to its all-time highs of $20,000 but again you’d not want to bet against it ending on a high. In the past, it has shown to be full of surprises. All that is required to see it soar is some positive news to trigger it.