There’s good news and bad news for Bitcoin (BTC) bulls today. The bad news is that BTC hasn’t shown much in the way of gains over the past week. The good news is that it also hasn’t shown much in the way of losses, either. And considering the wild swings that took place earlier in September, a little bit of stability isn’t the end of the world.
If we’re being honest here, there are two types of people (mainly) who invest in BTC. There are the true believers, who think that cryptocurrencies are going to take over the world and become the money of the future, and then there are speculative buyers, who are looking to make a buck off of BTC’s volatility.
For the latter, stability is bad news. But for the former, this type of persistent performance is a good sign and one that will precede a steadier rise upward, until momentum carries it up through the roof again.
Of course, that “through the roof” type of growth is nice, but it’s unsustainable. So I expect that what goes up will indeed eventually come down, but that’s looking more long-term. For the next few weeks, Bitcoin is likely to keep around $4,000—maybe passing it, maybe not. But ultimately, it will ramp up into a big 2017 finish, barring any unforeseen developments in the news.
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Bitcoin behaving unusually can be a good or bad thing, depending on where you stand on the cryptocurrency. Want to make short and fast trades? Then you won’t like these calmer waters that have set in since the China ICO block. If you’re more in it for the long-haul, then this is welcome news because it shows that, yes, BTC can, in fact, go a week without having a major news event either boost it into the stratosphere or run it into the ground.
As it stands, I’m expecting a mediocre September turn into a decent October heading into a strong November, with Bitcoin prices hitting $4,500 by year’s end.