The cryptocurrency market continues to stagnate as buyers and sellers both wait patiently for a 9-month-long descending triangle to resolve before making their next move.

Bitcoin’s Ready to Break Out of Bearish Triangle

Bitcoin’s price has bounced between decreasingly lower highs and a $6,000 price floor for nine months now, only briefly dipping below the solid foundation of buys around the $6,000 mark to test one-year lows of $5,800.

Buyers have repeatedly been unable to reach previous highs, however, sellers have been unable to bring the price significantly lower than $6,000, despite numerous tests of its support.

The prognosis remains a coin toss. While data shows that descending triangle’s like the one Bitcoin is currently in, break to the downside over 60% of the time, other indicators are pointing to Bitcoin’s price reaching a bottom, and high profile cryptocurrency industry figures are calling for the end of the bear market.

Only time will tell which direction Bitcoin finally chooses – time that is very likely near given the proximity to the apex of the triangle.

Altcoins Are Ready for Liftoff

While the majority of the top 20 cryptocurrencies by market cap have followed Bitcoin’s lack of volatility and general stagnancy, some altcoins have been showing signs of recovery, giving investors some initial signs of hope and confidence in the market.

NEM, the cryptocurrency token at the center of the notorious Coincheck hack saw a surge of over 9% this weekend after news broke that the firm would be partnering with the United Arab Emirates on future blockchain projects.

QTUM saw strong gains of over 6% after it was revealed that QTUM would be partnering with Amazon Web Service’s (AWS) China division to expand the hosting service’s blockchain-as-a-service offerings.

Basic Attention Token continues to soar in the wake of rumors the ERC20 token could be added to Coinbase.

No other coin offers as much hope that the market is ready to turn around than Ravencoin. After rumors circulated that Nasdaq could be planning to use Ravencoin to launch a security token platform, the price of the altcoin skyrocketed, propelling it into the top 100 cryptocurrencies by market cap. Shortly after, the trending altcoin was listed on Binance, causing the price to see another surge. Ravencoin is now ranked 57 by market cap according to CoinMarketCap and has seen over a 200% increase in the past 7 days.