'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 bitcoin

BTCUSD, -0.08%

 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.

“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.

Bitcoin transactions per second, per blockchain.com

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Altcoins, the collective group of more than 2,000 coins other than bitcoin, were off to a slow start. Ether

ETHUSD, -0.45%

 was up 0.3% at $203.52, Bitcoin Cash

BCHUSD, -0.05%

 was up 0.7% at $442.00, Litecoin

LTCUSD, -0.72%

 was off 0.2% at $52.48 and XRP

XRPUSD, -0.50%

the cryptocurrency of the Ripple protocol was trading up 0.5% to 46 cents.

In bitcoin futures, the Cboe Global Markets November contract

XBTX8, +0.00%

is the most active now and was unchanged at $6,425, while the CME Group October contract

BTCV8, +0.00%

 is off 0.2% at $6,410.

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