CBOE Expert Says Bitcoin (BTC) Prices Are Yet to Bottom, Expect to See Lower in 2018
The cryptocurrency market has been in a very long bear market that started at the beginning of the current year. However, Bitcoin has found a stable price that ranges between $6,200 and $6,800 dollars. But there is a CBOE analyst that says that the crypto market should hit rock bottom.
In the last days, Bitcoin and other virtual currencies started to be traded at higher price levels. Everything started with XRP, which registered a 100% increase in just a few days. Other analysts such as Mike Novogratz believe that by the end of the current year, Bitcoin could reach $10,000 dollars or more.
Nonetheless, investors are being cautious about the market. For example, Kevin Davitt, senior instructor at The Options Institute at CBOE Global Markets, says that investors should be cautious.
On the matter, Davitt commented:
“Perhaps this is the beginning of a meaningful move higher for the cryptos after months of pressure. Only time will tell if this rally has legs. There have been at least five significant moves higher (in percentage terms) for Bitcoin since the decline began in earnest in early January. While cryptos may be moving with relatively muted volatility in the short term, there’s no guarantee that will continue.”
Mr. Davitt has been very accurate predicting price action in past occasions. Every single time markets rallied since January, they have fallen to lower lows afterwards.
During the last weeks, Bitcoin operated stable between $6,400 and $6,800. Most of the altcoins have surged, for example XRP and Ethereum.
In the next days we will have to follow Bitcoin’s price and how it will evolve. If it goes under $6,200 Bitcoin could test again $6,000 and $5,800 which were key support levels in the past. If Bitcoin grows and crosses $6,900 it can easily move up to $7,400 dollars.