Coindesk analyst predicted Bitcoin price surge

After a long stay of quotes in a narrow range, a movement usually follows, but it can occur both up and down, says Omkar Godboul

In the near future, the main cryptocurrency may start a "big move", as this is indicated by the long-term presence of the digital coin in the same price range, writes Coindesk analyst Omkar Godbowl. For the last three weeks, bitcoin has been trading in the range of $ 50-60 thousand.At 19:50 Moscow time, according to CoinGecko, the cost of the main cryptocurrency is $ 57.7 thousand.

The analyst cites 2017 statistics as an argument. According to Omkar Godbowl, bitcoin started big moves each time after a long stagnation in one price range. The analyst claims that a similar thing happened in February, April and late October 2017, just before a significant increase in prices.

However, in March, July and September, a similar stagnation led to a correction. After a long stay of quotes in a narrow range, a surge usually follows, but it can cause both an increase and a fall in the value of an asset, Omkar Godbowl believes. He suggests that the current situation may indicate a "big move" of a bearish nature.