From Decrypt · By Ryan S. Gladwin
In brief
Bitcoin hasn't moved more than 6% over the past month, and every top five cryptocurrency has failed to move more than 2% over the past seven days.
Market analysts say that a boring market isn't a bad sign, that it could actually be an early sign of an incoming bull market.
One expert says Bitcoin is in "wait and see mode," as investors wait for the Federal Reserve's rate decision on October 28.
Bitcoin hasn't budged more than 6% over the past month, per Decrypt data, and is currently sitting at around $81,735, down 1.2% on the day. One expert says the leading cryptocurrency is in "wait and see mode," and claims that might be a good thing.
The crypto market as a whole has been quiet lately. Every top five cryptocurrency has failed to move more than 2% over the past week. And the Crypto Fear and Greed Index is at a neutral score of 47. It's all quite… boring.
BitcoinBTC · USD$81,747−0.33%Oct 16Oct 18Oct 19Oct 21Oct 23$84.8k$83.5k$82.2k$80.9k24h HighHigh$82,10024h LowLow$80,989VolVol$1.2BMarket projectionsOdds by MyriadToday$80,000 to $82,000$80k–$82k55% chanceThis weekBelow $82,000Below $82k56% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →But market analysts say that a dull market might actually portend a bull market, and that there are still opportunities out there.
A quiet market is "usually a good sign, and one reason is that it doesn't last," Jake Koch-Gallup, senior research analyst at Blockworks, told Decrypt. "In the past, similar low-volatility stretches have led to 30% price swings in either direction within a few months."
André Dragosch, head of research at Bitwise Europe, called the quiet period a "constructive sign." That's because "long stretches of uneventful trading punctuated by a handful of outsized moves" is a typical early sign of a bull market.
Myriad: How high will Bitcoin go? Click to make your prediction.
The drawdowns in Bitcoin's current recovery have also been less damaging than in previous cycles, Dragosch said. That's all while oil, semiconductor stocks, and government bonds are experiencing "elevated" volatility, he added.
"That tells us investors are increasingly willing to absorb weakness and maintain exposure," Dragosch told Decrypt, calling it "resilience rather than euphoria."
Conversely, Carlos Guzman, vice president of research at crypto trading firm GSR, told Decrypt that a boring market isn't either a good or a bad sign. Rather, he said, the market is standing still due to a "risk-off" sentiment taking over global markets.
"This has been mostly due to factors outside of crypto, with a complex macro situation and fears around AI stocks taking center stage," Guzman said. "We're unlikely to see a significant market breakout while broader risk-off sentiment prevails, so markets continue to be choppy."