Yesterday, Bitcoin jumped above $5k level but is yet again dropped below to $4,976 with 24-hours loss of 1.25 percent, as per Coinmarketcap. However, according to CNBC Futures Now Traders, Brian Stutland, and Jim Iuorio, Bitcoin is heading to $6k.
Bitcoin Could Jump To $6k
According to Jim Iuorio, Bitcoin can certainly move to $6,00 level as it has been trading right around 200 MA. Though he isn’t sure if the flagship cryptocurrency would go much higher, he thinks it is going to $6k.
He further says coming above the $4,100 range was a “big deal” and the trade was to buy BTC when it hit $4,400 and stopping as an entry point. On April 3rd, Bitcoin surged to $5k really quickly which Luorio says, he realized it was going to be a power level, but even he got “caught off guard” with how powerful the move was.
Now, he thinks it is in consolidation period and if BTC trades 50-60 today, it will mean Bitcoin is heading back towards the high. On the upside end, he sees the leading cryptocurrency going to $5,300.
Talking about longer to medium term, he says if we take the yesterday high which was $5,325, this is the sign that we are heading back towards $6k. Luorio further said all the crypto people he talked to are all “buzzing hard” for higher.
An Alternative Currency
Talking about what triggered the rally, Brian Stutland addresses the rumors of April 1st fools joke that SEC is going to approve the Bitcoin ETF triggered the rally. But he says the rally move was a little too hard and thinks we are going higher as well.
He further talked about the potential trigger to rise in BTC price that is the interest of people around the globe. He moves onto explain that the interest rates in Japan and around the world are turning negative so “what’s the point in holding those currencies?”
The fact that people have to pay money to let people hold their own money and lend it out is, he says ridiculous to him. This could have perhaps people looking for alternative currencies to put their money in and keep it safe.
Bitcoin is one of the options, says Stutland for this which might have triggered the rally. Iuorio also agrees with this as she says the buzzing is yet again there that people need another fiat currency replacement and they sought Bitcoin for that.
Stutland further says,
“It doesn't make sense what bank are doing globally to their own currency with what they are doing to the interest rate.” He says all they are doing is saving banks and not pumping up and propping up their economy. They are rather pumping interest rates down low and it’s all a “control socialism tactic.”
“There are some concerns about that and if you have that feeling about that like I do, then there is a place for bitcoin,”