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.