Bitcoin Price Movement to Stay “Boring” Before It Goes “Bananas”, Says Research Analyst

Bitcoin (BTC) is at $66,058 (BTC/USD) today, gaining 1.40% from the previous day and making good progress toward $70K.

The coin is out of its lengthy downward trend for the moment, but some analysts predict that it will continue to bounce back between $65K and $70K for a while before it drives past the $70K line and breaks a new record.

The stock market is bullish lately but not the crypto market. That is partly due to Bitcoin’s erratic movement. It is not managing to keep an upward trend going for long, and it has toyed with a new record high for a while without achieving it.

If Bitcoin hits $70K, that would be the first time in almost two weeks, but it seems unlikely right now. Bitcoin is having trouble building up positive momentum, and the coin quickly loses steam whenever new inflation data is released.

This current trend, says Julien Bittle, head of research for Global Macro Investor, is the boring period. He expects that Bitcoin will stay in this period for a while longer until it finally goes “bananas”, or shoots up and sets a new record. When that happens, Bitcoin will likely establish a new, higher support level, and we will finally start to see some major positive effect from Bitcoin halving.

$70K Could Destroy Short Positions

While many investors are hoping that Bitcoin will surge to $70,000 and higher, not all of them want that. Many short positions will be wiped out if the coin goes that high right now. There are plenty of investors who are banking on a lower range of trading for a while.

Those short position traders are hoping to see Bitcoin go much lower very soon so they can buy back their Bitcoin that they sold. There are about $1.67 billion in short positions right now that would be decimated if Bitcoin were to hit $70K in the very near future. That is according to CoinGlass. Either way Bitcoin goes right now, some traders will be hurt and others will rejoice.