The Bitcoin price has now gone 173 days without setting a new peak price. The first and the second quarter of the year has seen the Bitcoin price struggle to reach half of its peak value (around $20,000), with the leading cryptocurrency now trading around the $7,600 mark.
Statistics has shown that the longest sideways drift for the currency lasted for four years, 2013 and the summer of 2017, with the Bitcoin price picking up at the end of that cycle.
Over the past five months, Bitcoin price has experienced some temporary peaks but has been unable to match the previous peak nor set a new one. Over the past few days however, the Bitcoin price has been less volatile than usual. After the price dropped from the $8,000 region, the BTC price has remained stable around the $7,500 mark, with a daily trading volume hovering around $4.5 billion.
Some experts and analysts are still expecting a new rally to occur this year, with some expecting it to start in the second half of the year. However, BTC has been losing its appeal and it is dragging the other cryptocurrencies with it, despite some of them making reasonable progress in adoption and other areas.
Data pulled from CryptoCompare revealed that the more the BTC price and trading stagnates, the more influential the Japanese Yen (JPY) trading becomes. At the moment, roughly 63% of BTC trading volumes are against JPY, which in itself is an all-time record. This isn’t a surprise considering Japan is the biggest cryptocurrency market in the world. BTC/USDT have reduced in trading volumes to just 15% of the total BTC volume. USD has also dipped from its previous 20% trading volume to its current 15% while the share held by Euro is small compared to the others.
Paddy Stash venting his frustrations on Twitter yesterday about the current bear market tweeted that;
$BTC. Ok, i think this is finally it. I feel like we’ve waited years for this, but it was actually about 6 months ( Feels like years) I really think this is the lowest we’ll see #bitcoin as long as it breaks the 9k resistance area on the way up. Lets start this bull run, TODAY pic.twitter.com/8KpJT10xWI
— Paddy stash (@paddystash) June 7, 2018
Analysts and industry experts have for long given their predictions about a new bull run but so far the price is still low. Some Reddit users even complained about the lack of price movement despite the cryptocurrency world flooded with good news over the past few weeks.
A drop below the $6,000 mark is predicted by some who believe that the Bitcoin price needs to bottom out before a bullish run can happen.