Analyst Reveals The Best Scenario for Bitcoin Price Action and the BTC/USD Exchange Rate Value
- BTC price moves above $8,200, up over 3%
- Bitcoin volume on Real 10 exchanges holding steady
- “Institutional interest in crypto trading is increasing at a rapid pace”
Former Wall Street executive doesn’t believe crypto winter is over yet. Bitcoin that fails to hold strong at $8,000 level, today finally broke above $8,200 at $8,266, the highest point of today till now. Currently, BTC/USD is trading at $8,176 with 24 hours gains of 3.19 percent.
According to trader and investor, Bob Loukas, the best scenario for Bitcoin price is consolidation for the next few months only to take a drop to the $6,400 level.
In my opinion, the best scenario for $BTC price action is another month or so of consolidation and then a revisit of the $6,400 area. A Left Translated Cycle here is a welcome sentiment reset. pic.twitter.com/GSDU9dFY20
— Bob Loukas (@BobLoukas) June 12, 2019
Industry traders and analysts are expecting a drop eventually as well, however, it is yet to be seen how low we would be going as there is a possibility that we take a fall to $5,600 level per historical price movements where we saw about 30 percent drops.
While BTC price has been stuck as the crypto market cools down after the massive surge of 60 percent we saw in May, Bitcoin volumes on the Real 10 exchanges have been holding steady at about $750 million for the past few days as we consolidate the gains, points out Mati Greenspan, the senior analyst at eToro.
Bullish for Bitcoin
In the meantime, institutions are at work as the world's second largest stock exchange Nasdaq partners with crypto data provider CryptoCompare to release a cryptocurrency pricing product targeted to institutional investors.
Dubbed the “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices,” the new product will be available on the Nasdaq owned platform Quandl that aims to enhance institutional investors’ capabilities in the cryptocurrency market.
“Reliable data is the bedrock of transparent, liquid markets,” asserted CryptoCompare CEO and co-founder Charles Hayter who says it can further offer the global institutional investors a competitive edge in the crypto sector.
“This is a clear sign that institutional interest in crypto trading is increasing at a rapid pace. In addition, it’s nice to see them coming to the industry incumbents to get their pricing,” Greenspan commented on this development.
This is bullish for bitcoin 🚀
Italy could end up being the best thing to ever happen to bitcoin.
H/t @Ray94609549 https://t.co/TmkS7FZICl
— Alex Krüger (@krugermacro) June 12, 2019
The bullish event called out by tarder Alex Kruger involves Italy’s government that may tax cash and other valuables locked away in safe deposit boxes held with banks. These safety deposit boxes in Italy actually held assets worth hundreds of billions of euros.
“Money that is substantially hidden,” said Salvini adding could be a way of hiding income and assets from the tax authorities. Those who voluntarily declares their deposit box holdings would be taxed at a low rate at about 15 percent, Salvini said.
But Not Everyone Bullish yet
Former financial analysts at JP Morgan and currency blockchain researcher Tone Vays still does not believe that crypto winter is over.
Vays don't trust the recent rally as he hasn’t observed “too much external money coming into the space.” He argued that the recent uptrend after a long-lasting bear market was supported by internal capital and if this “gets scared again” crypto prices would be dropping as fast as they rose.
Commenting on his $250,000 bet on Twitter from March that BTC will all below $2,000 before 2024 Bitcoin halving, Vays said though it is unlikely that Bitcoin can now drop to $2,000 at this point, it is still possible.
Bitcoin’s price is $45,284.64 BTC/USD exchange rate today. The real-time BTC market cap of $843.24 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $20.08 Billion and live coin value change of BTC -3.32 in the last 24 hours.