Bitcoin Price Struggles To Break Free Of Current Range

Bitcoin prices have been struggling to reach the next level, after fluctuating close to $4,000 over the last few weeks.

The cryptocurrency has faced these headwinds after surging more than 300% year-to-date, climbing from less than $1,000 to more than $4,000 earlier this month, according to CoinDesk's Bitcoin Price Index (BPI).

Calm Before The Storm:

While the world's largest cryptocurrency by market capitalization has enjoyed modest volatility over the last few weeks, multiple analysts have predicted that this period of relative calm will be short-lived.

"The price has been surprisingly stable for the last couple weeks but I have no real confidence it will last," Cryptocurrency Fund Manager Jacob Eliosoff stated on August 22.

Iqbal Gandham, UK Managing Director of social trading platform eToro, also asserted that Bitcoin's relative stability would only be temporary, asserting that the $4,000 level was "starting to look like a great consolidating step prior to the next push."

As for where the cryptocurrency's price will go next, Gandham believes it will move toward $5,000.