Bitcoin has continued to sell at the $9000 range for some two weeks now, a situation that cryptocurrency experts describe as bitcoin stagnancy. The price of the coin has remained volatile since it’s halving, and all the projections that were made before the halving have not seemed to surface.
Some crypto analysts are still of the opinion that this is the usual procedure that bitcoin often follow, before a bullish increase in price that would shock the crypto market. This same situation was what was experienced at the beginning of the year, when the price stayed at $7000 for over a month, and got a lot of traders scared, some of who sold their coins over the fear that bitcoin was going to crash. At the beginning of the second quarter, the price skyrocketed again, reaching an all-time high of over $10,000 USD.
It has been predicted that before the end of the year, we may yet again experience that same sporadic increase in the price of the cryptocurrency, and it may possibly hit over $20,000. Other cryptocurrencies that have been affected by the bitcoin stagnancy, include Ethereum (ETH) which seems to have been doing well in the past few weeks and has now dropped by 1.077%, trading at $227 USD.
Traders are now advised to their homework right, before effecting trades, as it is too early to make uncalculated and illogical decisions