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Bitcoin (BTC) In "No Man & # 39; s Land", exclaims the CNBC dealer
CNBC's "Futures Now" segment recently brought Jeff Kilburg, CEO of KKM Financial, and Jim Iurio, a broker at TJM Institutional Services, to discuss the recent increase in pressure to buy for Bitcoin (BTC). For those who missed the reminder, within a week, BTC, which found a low from the start of the year to ~ $ 3150 last week, has recovered the range from $ 4,000 to $ 4,100.
Analysts have not been able to discern whether this apparent "rescue rally" has been catalyzed by pure fundamental or technical catalysts. Some commentators, such as Alex Kruger, have noted that technicians remain the strongest impetus behind the daily movement of this market. As such, the crypto-friendly researcher noted that the recent recovery of BTC is simply a correction of oversold levels, rather than a change in the fabric of this sector, subsequently adding that a return to the low 3,000 is not outside the realm of possibility. .
The aforementioned CNBC guests seem to have echoed this sentiment, noting that BTC could return to its lows from the start of the year in the coming weeks. Iurio first noticed that "he was never a Bitcoin lover", explaining that if BTC holds over $ 4.085, $ 4.515 is likely, but otherwise, the top cryptocurrency could move drastically lower.
Kilburg, more cynical than Iurio, explained that the bears "have unfinished business [in crypto], "By clarifying that the blockchain-based resource is not expected to hold over $ 4,000 for long periods of time, the KKM chief noted that" unless we see something substantial coming out of the SEC / White House ", BTC remains in no-man's land and could fall to $ 3,000 (a new low since the start of the year) due to the lack of fundamental drivers.
Iurio, lighting a coin, echoed Kilburg's claims. The broker noted that rarely the cryptography titles have ever been that "the SEC decided they love Bitcoin", instead, their regulatory measures that lower prices, especially in the symbolic markets.
Interestingly, the two closed their segments by drawing attention to crypto raids from the Intercontinental Exchange and the Nasdaq, noting that while players continue to "enter the hot tub" there will eventually be a party in this area, so to speak.
Not so fast, maybe the Crypto Rally has some legs
Although the two CNBC traders above are not sold on the short-term prospects of BTC, other analysts have exclaimed that the most recent double-digit recovery in the cryptography market has legs. Crypto Quantamental, an American cryptologist with experience in traditional stock markets, noted that Bitcoin is "showing the classic signs of a" V "shot.
Bitcoin shows the classic signs of a "V" shot with record volumes and massive price moves. In fact today (12/20/18) was the DAY OF THE HIGHEST VOLUME!
Check the blog post or continue reading below to see the formation of a "V" … .. (1 / N) https://t.co/6RlJnA0L8z
– Crypto Quantamental (@CryptoQF) 21 December 2018
He noted that the increase in BTC could be more than a "rebound of a dead cat", as Kruger saw. In fact, Quantamental noted that "record-breaking" volumes (in the BTC count, not in $) indicate that a fund could be formed. For Quantamental, yesterday (December 20) was the highest day of Bitcoin's volume in its ten-year history, with block trades, according to reports, trading 2,226,735 BTCs at an average price of $ 3,938.
Although both sides of the argument maintain a semblance of credibility, the fact is that in markets, be they stocks, bonds or cryptocurrencies, no single individual / group can accurately predict where prices will be headed. But they try anyway. And in the end, some will be successful, some will not.
Title Image Courtesy of Icons8 Team Via Unsplash
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