Bitcoin in 'Wait and See Mode'—And That Might Be a Good Thing

In brief

• Bitcoin hasn't moved more than 6% over the past month, and every top five cryptocurrency has failed to move more than 2% over the past seven days.
• Market analysts say that a boring market isn't a bad sign, that it could actually be an early sign of an incoming bull market.
• One expert says Bitcoin is in "wait and see mode," as investors wait for the Federal Reserve's rate decision on October 28.

Bitcoin hasn't budged more than 6% over the past month, per Decrypt data, and is currently sitting at around $81,735, down 1.2% on the day. One expert says the leading cryptocurrency is in "wait and see mode," and claims that might be a good thing.

The crypto market as a whole has been quiet lately. Every top five cryptocurrency has failed to move more than 2% over the past week. And the Crypto Fear and Greed Index is at a neutral score of 47. It's all quite… boring.

$84.8k$83.5k$82.2k$80.9k

24h HighHigh$82,100

24h LowLow$80,989

VolVol$1.2B

Market projectionsOdds by Myriad

But market analysts say that a dull market might actually portend a bull market, and that there are still opportunities out there.

A quiet market is "usually a good sign, and one reason is that it doesn't last," Jake Koch-Gallup, senior research analyst at Blockworks, told Decrypt. "In the past, similar low-volatility stretches have led to 30% price swings in either direction within a few months."