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.”
Bitcoin is showing the classic signs of a "V" recovery with record volume and massive price moves. In fact today (12/20/18) was the HIGHEST VOLUME DAY EVER!
Check out the blog post or continue reading below to see the formation of a "V"….. (1/N)https://t.co/6RlJnA0L8z
— Crypto Quantamental (@CryptoQF) December 21, 2018