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Bitcoin (BTC) can not see the short-term rebound, the price remains at $ 6,400- $ 6,500
As already anticipated by Ethereum World News, prices on the entire cryptocurrency market have seen a sharp decline Wednesday, with high rates that capitulated in value across the board. At one point, ETH hit a value of $ 210 and BTC was temporarily at $ 6,300, not the most promising sign, to say the least.
Since there did not seem to be a single clear catalyst for this market move, some argued that this was evidently an irrational sell-off and that a strong rebound was likely in the days following the initial fall. However, after 48 hours from this violent sales crisis, the market has not yet recovered, leading some to wonder if a rebound could occur. At the time of writing this article, BTC has found a place to stay at $ 6,420, with no obvious evidence to suggest that the price of the asset will move quickly.
Despite the lack of quasi-Immediate rebound, the analyst claims that he is entering
Apart from the Naysayers, the "Futures Now" traders have recently appeared on CNBC for discuss how the cryptography market seems to move forward. Brain Stutland, the first guest of CNBC Futures Now, started the segment, providing his personal opinions and analysis on how to play in the market in the near future. He noted:
I might (currently) run out of Bitcoin futures, but I'm on physical tokens for a long time … I'm looking at the September futures contract (Bitcoin) and I would be willing to actually buy it at this point. $ 6,450 is my level (to be purchased at), I'm looking for September futures to trade up to $ 7,250 on the CBOE futures contract with the stop at $ 5,950.
Elaboration of the reason why he could see the price of the asset Upwards, the guest of CNBC raised for the first time the idea of the $ 6,000 support level, claiming that the price the resource could see a rebound if it approaches $ 6,000 or remains at current levels. Stutland added that the cost of mining draws is currently $ 7,000 for Bitcoin miners who do not have access to affordable electricity, with this figure indicating that prices could rise higher.
The trader attributed the most recent drastic sale to Goldman's news, although the statement that the company was abandoning its plans to establish an encrypted trading desk was refuted by one of the institutions financial. Although this news may have dampened the spirits of the Bitcoin bulls since the beginning, Stutland has stated that it is time to "forget those guys", adding that Bitcoin was not created to be actively traded on the sheets of traditional financial institutions, or centralists, if you can.
"I would like to see the volatility contract"
Speaking more about which direction would like to see the market head-on, Stutland emphasized that the volatility of this asset class in early stage is what many investors are postponing.
But as many appreciate, the volatility of this market should not be seen as a fault, as with any rising activity or industry, high price fluctuations are a common and expected event. Closing the segment, the trader said it may take some time before volatility and prices stabilize, but after a year or so retail investors are likely to be ready to pour money into this otherwise declining market.
Photo by Andre Francois on Unsplash
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