Since recent weeks, Bitcoin has been trading below $10,000, and in recent some days, the leading digital asset is trading between $9,000 and $9,300.
Stability is a Good Thing
The co-owner of the Bitcoin.org, with Twitter username @CobraBitcoin, praises the stability of Bitcoin and believes it is a good sign for people who are engaged in the crypto markets. He says that BTC may stay in this range for the next three to four years. And if it stays, those who are only here to get rich quickly will run away from crypto space.
“Bitcoin stability is a good thing. I hope the price stays in this range for the next 3-4 years. It allows well intentioned people to accumulate and pushes out impatient greedy ones who see Bitcoin as a get rich quick plan. If you’re in Bitcoin, you should be thinking in decades.”
According to Cobra, the crypto community will get mental satisfaction if the price stays the same:
“The biggest benefit though will be the collective mental health of the Bitcoin community: if the price stays more or less the same, price anxiety will disappear and more Bitcoiners will talk about use cases and fundamentals, instead of being hyper-focused on the price.”
Bitcoin Volatile Reputation may Decreases
Since its creation, Bitcoin has been known for its high volatile nature, and that’s why most people do not call it an asset. But its decreasing volatility since March-lows has wondered even investors of traditional assets markets. Vishal Shah, the founder of derivatives exchange Alpha5, recently said:
“Such low volatility is uncharacteristic of bitcoin…However, this sentiment has permeated through the trading community.”
Many come to crypto markets due to high volatility and if the volatility decreases, these players will leave.
The current volatility pattern determined by Bollinger Bandwidth is similar to November 2018. When such a situation occurs, the price value either goes up or goes down. So, the future price of the leading digital asset is dependent on the next big BTC move.