In a recent segment of “Futures Now”, CNBC’s Dom Chu discusses Bitcoin’s (BTC) current stance and where it could potentially go with TJM Institutional Services’ Jim Iuorio and Equity Armor Investments’ Brian Stutland (https://www.cnbc.com/video/2019/02/08/bitcoin-futures-spike-heres-what-traders-think-it-means.html).
For the most part, both experts trust that the growth is the start of something new, if not bigger, however, more than an 8 percent increase in prices is needed to convince them that it is long term.
When Chu asked Stutland whether the current increase in the entire crypto sphere is a “short squeeze” or the “beginnings of a bigger rally”, Stutland firmly trusts that it is the latter. Here’s why he believes so:
“If we move BTC into an ETF, now portfolio managers […] can actually allocate to BTC in their models, put that as some sort of weighting in their holdings in terms of what people want to hold in terms of investment value and that should drive some demand towards the coin.”
With this being said, Stutland deems this as just the beginning and how the $3,500 mark may be where BTC’s volatility ends, that is, from here on, it may tend upwards.
According to the claims made, Iuorio predicted that BTC prices would get back up to the $3,600s range. When asked to comment about his projection being sound, and what he thinks the future holds for the giant, he simply said that BTC must exceed past the $4,000 in order for investors to gain trust that it still holds value. Here’s an extract of his perspective:
“There’s been a lot of shorts in the market since November 14, […] and shorts that aren’t getting any satisfaction […] The move (BTC price) is exaggerated by the short squeeze. I believe it has to get through $4,000 […] but for me to believe that it is a long-term hold and people are going to add it to their portfolios, it’s got to go above it.”
At the time of writing, BTC was sitting at USD$3,653.78 (CoinMarketCap). Since the beginning of 2019, January 10th appears to be the highest the price has ever reached, i.e. USD$4,047. As mentioned by both experts, BTC prices have not dropped past the USD$3,400 mark – implying it to being the possible end to the road.
Has BTC reached the lowest it feasibly can? Can we expect to see BTC recover from here on? Let us know in the comments below.