The head of the company Blue Line Futures bill Baruch during an interview with CNBC expressed his confidence that the price of bitcoin has reached the “bottom” and therefore will not fall below $6 000.
According to him, the price of bitcoin will rise in the long term, after will exceed $11 300. Now observed a significant reduction in the volatility of the first cryptocurrency Baruch explains that the bitcoin exchange rate is close to its minimum. Now, he notes, “sales run out of steam”, and the same low scale of price fluctuations were observed more than a year ago.
“Low is a process, not the price. Now, when the price and volatility of bitcoin down to Earth, can begin the process of finding the minimum”, — said the President of Blue Line Futures.
He also added that the most rapidly bitcoin is growing up in price in anticipation of the launch of cryptocurrency futures on the CBOE and CME exchanges. At that time the market was too overheated, because speculators have endeavoured to ensure that short-term gain.
However, the sharp fall in the exchange rate of bitcoin at the beginning of 2018, “washed away by excessive enthusiasm”.
Bill Baruch believes that the resumption of the uptrend bitcoin should rise above $8500, and then re-conquer the psychological level of $10,000.
We will remind, Analytics firm Trefis believe that by the end of the year bitcoin will trade at $12.5 million.