In line with a recent ‘interview‘ with CNBC, a crypto trader at the NYMEX [New York Mercantile Exchange] aforesaid that the leading cryptocurrency Bitcoin [BTC] is likely to fall back to around $7,000 USD and consolidate soon.
Within his comments on CNBC’s Trade Alert show, trader named ‘Anthony Grisanti’ of NYMEX added that he thinks that the worth of Bitcoin [BTC] can revisit to $7,000 USD in upcoming period of time, meaning that the market would consolidate. “I assume it consolidate to a little extent … i believe this upcoming consolidation for this market would be incredibly healthy.”
While adding further, he noted that over the last couple of sessions, volumes have come down, indicating that buyers don’t seem to be returning to the market with the same earlier strength they were a few weeks prior.
Also yesterday, cryptocurrency fund manager Brian Kelly ‘told‘ CNBC that an approaching supply cut – or the “halvening,” next due to take place in 2020 -might assist bitcoin costs to rise further within the returning few months. He suggested investors dedicate between 1% to 5% of their portfolio to ‘cryptocurrency‘ while the prices are stuck around the present levels of $8,000 USD.
Earlier on 20th May, strategists from renowned U.S. based banking giant named JPMorgan Chase ‘alleged‘ that bitcoin’ recent rally ostensibly soared past what they calculate to be its intrinsic worth. The strategists added that the major coin has recently been trading in a way that mirrors its late 2017 rally, that preceded a protracted price slump:
“Over the past few days, the actual worth has shifted sharply over the marginal price. This divergence between the actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved principally by a reduction in actual prices.”
However at the reporting time, the leading cryptocurrency is presently trading at a price around $7,645 USD, having lost over 3.64% over the past day, in line with ‘CoinMarketCap‘. While observing Bitcoin’ monthly chart, it has gained almost above 48%.