Analysts Claim Bitcoin’s 76 Day Stability ‘Bullish’: Hash Ribbons Cross and 2016 Patterns

The price of bitcoin has been very stable lately, and the crypto asset has been trading in a less volatile range just above $9k per coin for 76 consecutive days. After the third halving, the price of bitcoin has also been far more stable, in contrast to the price action after the second halving. However, bitcoin’s price still seems to be following a similar route to 2016 when the digital asset’s price trended sideways for quite some time, until it eventually led to the all-time price highs in 2017.

Cryptocurrency investors and evangelists have been discussing how bitcoin (BTC) prices have been stable for a long period of time. For instance, on July 14, software developer Jameson Lopp tweeted that “bitcoin has been trading in a range of ±3% for [six] consecutive weeks” with a meme that says: “Look at me, I am the stablecoin now.”

Bitcoiners discussed the subject on Reddit as well, as a number of Redditors conversed about BTC’s stability on an r/bitcoin post called: “Bitcoin price seems like much more stable since the last halving in May.”

BTC proponents have been discussing the price stability quite a bit lately on Reddit forums like r/bitcoin.

Binance CEO Changpeng Zhao, otherwise known as CZ thinks that BTC will see a breakout in the near future. CZ discussed the subject with Bloomberg Daybreak and he called bitcoin a “stablecoin.”

“I think sooner or later it’s going to break out,” CZ stressed in the interview. “But right now bitcoin has been really stable— People have been calling it a ‘stablecoin’ now.” CZ also discussed the correlation with stock markets and equities.

On July 14, analyst Jim Cramer and the American author, stock and commodity trader Larry Williams suggested that the S&P 500 will top on July 27, and possibly dump on July 28. During his interview with Bloomberg, CZ said that the stock market does have a “drag down effect” in regard to the crypto market.

“The stock market is probably a thousand times…

Read More