- Bitcoin's price has struggled to receive any serious boost in the past few days
- This is due to the sideways trading in the stock markets which still has a strong impact on that of BTC
- The cryptocurrency is facing increased selling pressure due to the bearish developments in the market, but the bulls have absorbed the strong influx of sell orders
- Where the overall market trends are next can largely depend on Bitcoin
- One analyst notes that he believes it is curled up to take a big step in the short term
- He even notes that this could be the "calm before the storm" and that a serious upward move could be just around the corner
Bitcoin and the entire cryptocurrency market are currently trading sideways. Both bears and bulls have struggled to control the market's near-term outlook, possibly due to the lack of momentum in the stock market.
An analyst notes that Bitcoin may be trapped in the "calm before the storm" right now – a sentiment that suggests a big move is ahead.
The same analyst went on to say that he believes Bitcoin would jump straight to $ 20,000 if it erupted today.
Bitcoin is struggling to gain momentum as the entire market consolidates
At the time of writing, Bitcoin is trading marginally at its current price of $ 11,350. This is roughly the same as the price it has been trading at for the past few days.
Although the stock market is showing signs of weakness and altcoins are trending lower, Bitcoin is still facing significant buying pressure due to the bullish developments surrounding its introduction as reserve assets with large companies.
As consolidation continues, most major altcoins have slowly declined as investors seek to compromise their portfolios.
Until BTC continues to push higher, this trend is likely to continue for the short term.
BTC would shoot to its all-time highs if it broke out now; Claims Analyst
One analyst shared his thoughts on Bitcoin's near-term prospects explained that Bitcoin would likely rise towards $ 20,000 within the next 3 months if it erupted now.
"The calm before the storm. If BTC erupted today, it would most likely hit its previous ATH of $ 20,000 within three months," he said.
Image Courtesy of Mohit Sorout. Source: BTCUSD on TradingView.
As long as a phase 2 stimulus package doesn't boost the stock market and cause Bitcoin to explode higher, it is unlikely that BTC will break out until after the elections.
Featured image from Unsplash. Charts from TradingView.