Bitcoin comment: BTC in the EYE OF THE STORM as cryptocurrency poised to sink OR soar | …

Stability has filled its sails once more, and the crew are no doubt looking forward to an incident free voyage ahead. However, a quick visit to the bridge and a careful examination of the charts will show that all may not be as it seems. In fact, crypto’s historical maps will tell us bitcoin isn’t in safe waters at all. If anything, it looks very much like an all-too-temporary solace in the eye of the storm.

Last week, bitcoin was pummelled between the rocks of $4,200 and $3,200, leaving some commentators to suggest the decade-old cryptocurrency’s reign as the market flagship was drawing to a close.

But a few days holding suspiciously steady around the $3,400 mark are pointing to impending turmoil masquerading as stability.

It is hard to imagine a scenario where bitcoin could feasibly stay on course at $3,400. Instead, its destiny lies in one of two directions – up or down.

Should some impetus be found to nudge the price north, then it could enter 2019 with confidence in the…