A CNBC Trader Says Bitcoin Price Is Still Likely To Fall At $3000

by | Dec 22, 2018 | Bitcoin, Cryptocurrency News

CNBC Trader | Bitcoin | Bitcoin Price

Bitcoin News: This week has been especially positive for Bitcoin (BTC) as the token managed to really from year-to-date low at ~$3150 last week, to a $4,000-$4,100 range. Jeff Kilburg, the CEO of KKM Financial, and Jim Iurio, a broker at TJM Institutional Services appeared on CNBC’s “Futures Now” segment recently to discuss the recent recovery of BTC.

Analysts aren’t able to gauge the real catalyst behind this seeming “relief rally”. The likes of Alex Kruger points out that technicals remain the strongest impetus behind this market’s day-to-day movement. Whereas some believe that  BTC’s recent recovery is merely a correction off oversold levels, which implies that the token can possibly move back to the low 3000s.

Bitcoin could fall to $3,000 

The two guests of CNBC are more inclined towards the latter sentiment. They noted that in weeks to come BTC could fall back to its year-to-date lows. Lurio went on to elaborate, he started by stating that “he’s never been a lover of Bitcoin,” stating that if BTC holds above $4,085, $4,515 is likely, but otherwise, the flagship cryptocurrency could move drastically lower.

Next, Kilburg put his point across, albeit a little more cynically than Iurio, he noted that bears “have unfinished business [in crypto],” indicating a crackdown from the current position. He further added that “unless we see something substantial come out of the SEC/White House,” the token will remain in no man’s land and could fall to $3,000 (a new year-to-date low) as it lacks the fundamental driver.

Lurio supported the sentiment and note that you rarely ever read a crypto headline stating that “SEC has decided that they love Bitcoin,” on the contrary, their regulatory measures depress prices, especially in token markets. However, before ending their segment both mentioned Bakkt and Nasdaq‘s impending entry into the market and its effect on the market.

Bitcoin shows sign of a ‘V’ recovery

Quite opposite to Lurio and Kilburg thought process, Crypto Quantamental, an American crypto trader with a background in traditional equity markets, asserts that BTC is  “showing the classic signs of a ‘V’ recovery.”

Quantamental further noted that BTC could be more than a “dead cat bounce,” as Kruger saw it. Indicating towards the “record-breaking” volumes (in BTC count, not $) that implies that a bottom could be forming. As per Quantamental, BTC observed the highest volume day in its ten-year history on Thursday, December 20, with exchanges en bloc reportedly trading 2,226,735 BTC at an average price of $3,938.
Notably, arguments from both the sides do hold some credit. Meanwhile predicting which way BTC will move next is a difficult task, we will know when we will know.
Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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