Bitcoin, Cryptocurrency And Blockchain News

Blue Line Futures President Believes Bitcoin May Be Bottoming


Bill Baruch, the President and founder of futures and commodities trading firm Blue Line Futures, has written an in-depth analysis of Bitcoin’s price, published on CNBC today. Baruch noted that the cryptocurrency’s volatility has decreased in the last few days. Compared with the annualized volatility of 150% last year, 61% appears to show that the price may finally hit bottom. ‘Bottoming’ means that the price of an asset has reached the lowest value in a given time period. However, right after a cryptocurrency bottoms out, the price starts moving on an upward trend.

After the launch of futures contract and increased crypto hype in mainstream media, Bitcoin crossed $19,000 in December 2017. However, only a month later, BTC’s price dropped below $11,000. The price reached $6,300, an all-time low, in February 2018. Explaining the reason behind these shocking values, Baruch wrote:

There was tremendous speculation, and a sort of fear-of-missing-out trade sent prices skyrocketing too high, too quickly. The sell-off since then has wiped out most, if not all, of the over-enthusiasm.

Baruch mentioned that bottoming is a process and shouldn’t be confused with price. Since both volatility and price have decreased, Bitcoin may start increasing in value soon.

“As for the near term, a bottom would occur more quickly and more constructively if the recent low of $6,000 per coin holds,” added Baruch. Under the article, CNBC published a poll asking users whether BTC had bottomed or not. 56% of users have so far voted yes, while 44% believe that it hasn’t.

Last week, Bitcoin was valued at around $6,700 – however, the price reached $6,200 on June 13th. After managing to stay at $6,400, BTC’s price climbed $300 within an hour on June 18th. The value has increased by 1.64% in the last 24 hours, and at the time of writing, BTC is worth $6,717. All of the top 10 cryptocurrencies are also in the green; indeed, TRON has increased by a staggering 11.26% within a day.

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