Futures Expert Says Bitcoin May Have “Bottomed”, Urges To Sell At $10K

Bitcoin Bottom

President and founder Bill Baruch of Blue Line Futures, a leading futures and commodities brokerage firm, analyzed Bitcoin’s price — now at its lowest in the past year, and indicated that it may have bottomed, CNBC reported on June 18.

The futures trader explains that “a bottom is a process, not a price“. With Bitcoin leveling at the $6,000 range after losing almost 70 percent of its December 2017 value, this is a signal that selling may have topped off.

The Blue Line Futures chief added:

“In the near term, a bottom may appear more quickly and more constructively if the recent low of $6,000 holds, however, the 100-week moving average is down at $4,550.”

Baruch associated Bitcoin’s skyrocketing price in December with the “tremendous speculation and the fear of missing out” jacking up the price out of proportion.

The expert still sees a “significant upside in the long term.” He advises to watch out for the $10,000 mark and encourages to sell.

Last month, another expert expressed belief in the recovery of Bitcoin. Fundstrat co-founder and strategist Tom Lee stood fast in his $25,000 Bitcoin price prediction by the 2018’s end citing “three reasons to hold on to your Bitcoin” — low BTC production cost, interested institutional investors, and a bullish historical trend.

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