Bitcoin prices traded marginally lower Thursday, continuing what’s been a subdued few sessions for the world’s largest digital currency.

After Monday’s move higher, bitcoin oscillated on either side of $6,500, and in Thursday a single bitcoin BTCUSD, -0.19% was trading at $6,453.14, down 0.9% 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 flat-line 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 number of transactions per second. “This is a classic indication that we’re nearing the end of the flat cycle.”

Transactions per second is a barometer for the scalability of blockchain technology, which has been a roadblock to adoption of the distributed-ledger technology.

Bitcoin transactions per second, per blockchain.com

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If technical levels are breached expect a dramatic response from traders

Echoing the sentiment that the market is on the precipice of a move is Rob Sluymer, technical strategist at Fundstrat Global Advisors. “The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies,” he wrote in a Thursday research note.

“Why? The majority of cryptocurrencies have remained in narrow consolidations for weeks BUT many are testing important technical trading levels that, if breached, is likely to trigger a dramatic response by traders.”

Sluymer noted that the large-cap, midcap and small-cap indexes that the firm tracks are all pushing resistance, and a move above the index highs in September could be the catalyst for a run higher.

Fundstrat crypto indexes. Fundstrat Global Advisors

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Altcoins mostly lower in quiet trading

Altcoins, the collective group of more than 2,000 coins other than bitcoin, followed bitcoin lower Thursday. Ether ETHUSD, -0.71% was down 2.1% at $198.76, Bitcoin Cash BCHUSD, -0.23% was down 2.3% at $429.10, Litecoin LTCUSD, -0.36% was off 2.1% at $51.47 and XRP XRPUSD, -0.28% , the cryptocurrency of the Ripple protocol, was trading down 2.3% to 45 cents.

In bitcoin futures, the Cboe Global Markets November contract US:XBTX8 is the most active now finished the session down 0.7% at $6,380, while the CME Group October contract US:BTCV8 closed Thursday at $6,390, down 0.5%.

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