Market tacticals can be useful to predict Bitcoin price: Analyst
An analyst recently stated that market tacticals are the key to accurately predict the movement of Bitcoin. Mentioning that, the CNBC Futures Now trader Jim Iurio predicted that Bitcoin will trade above $6,800 that holds $6,000 as its support level.
The comments were made during trading on the floor of Chicago Mercantile Exchange (CME) on September 20. According to him, Bitcoin might not seem to have any fundamentals to base its pricing on but market tacticals can be really useful to predict its price.
When he was asked about his intention to trade the bitcoin futures contract, Luro stated, “$6,000 is a big deal. I don’t know why it’s a big deal but if you look at the charts, it’s clearly something. Every time it gets there, it gets rejected again. If it trades at $6460, about $60 above where it is now, we do this technique a lot called the stop in. We wait for a little bit of strength and try to jump in at the right time.”
Anthony Grisanti, who was also present during the discussion agreed with the assessment. Grisanti stated, “When you don’t have anything else like fundamentals to trade off of, you trade off of tacticals, and that’s what Jim is doing. He’s stopping himself in at a tactical level, looking for a follow-through. If he doesn’t get it, he’s not in the trade.”
In other news, Billionaire Mike Novogratz of Galaxy Investment Partners is one such person who believes that Bitcoin (BTC) will have a 30% rally by December 2018, which means the current price of $6,700 would jump to $8,700.
He made the latest upbeat prediction on Friday in a CNBC “Fast Money” interview.“More importantly, we’re seeing institutions slowly getting into the space …You’re seeing lots of activity in the private markets,”Novogratz said.“Bitcoin will outperform for a while because many institutions consider Bitcoin as a safe store of value and will prefer it over speculative altcoins,” he added.
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