‘It’s only a matter of time’ until bitcoin breaks out, says one analyst

Bitcoin prices traded sideways Thursday, on track for a third-consecutive subdued session.

After Monday’s move higher, bitcoin oscillated on either side of $6,500, and in Thursday trading a single bitcoinBTCUSD, +0.00% was at $6,511.28, unchanged since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange.

But one analyst said bitcoin’s lull may be coming to an end. “It’s only a matter of time now,” said Mati Greenspan, senior market analyst at eToro, speaking about a potential breakout for bitcoin.

Do's and Don'ts for Surviving the Longest Flight in the World

“Of course, the flatline pattern could easily remain for another few months and that wouldn’t be a bad thing, however, there are signs of excitement boiling underneath the cool price action exterior.” For Greenspan, the evidence is the rising transactions per second. “This is a classic indication that we’re nearing the end of the flat cycle.”

Transactions per second are a barometer for the scalability of blockchain technology, which has been a roadblock for adoption of the distributed ledger technology.

Altcoins, the collective group of more than 2,000 coins other than bitcoin, were off to a slow start. Ether ETHUSD, -0.38% was up 0.3% at $203.52, Bitcoin CashBCHUSD, +0.07% was up 0.7% at $442.00, Litecoin LTCUSD, -0.67% was off 0.2% at $52.48 and XRPXRPUSD, +0.26% the cryptocurrency of the Ripple protocol was trading up 0.5% to 46 cents.

In bitcoin futures, the Cboe Global Markets November contractXBTX8, +0.08% is the most active now and was unchanged at $6,425, while the CME Group October contractBTCV8, +0.00% is off 0.2% at $6,410.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.

Source: Read Full Article