Interactive Brokers’ Steve Sosnick: Bitcoin Price at $1,000 In The Long Run
Amidst one of the biggest crypto bear market of the year, Chief Options Strategist of Interactive Broker and prominent Bloomberg contributor, Steve Sosnick, suggests that Bitcoin might fall to $1,000 USD and that users should be wary about it.
Drawing conclusions from the NASDAQ markets of the early 2000s, Bloomberg's Abigail Doolittle says that the graphs seem to be similar, however, Bitcoin seems to surpass any other graphs when looking for volatility.
However, Doolittle points out that when NASDAQ went below support the value kept falling, which is not the case for Bitcoin. Support is still holding, at least for time being.
Abigail asked Steve about the range issue of Bitcoin and the support still holding up. Sosnick thinks that we can only hope the support holds if it doesn’t then who knows where the floor is? Sosnick points to the multiple highs in the Bitcoin graph but the lows always close into $6,000. “This sort of graph pattern usually ends in a nasty way.”, says Sosnick.
Sosnick went on to say that Bitcoin prices may fall to $5000 in the short term and even free fall to $1000 in the long run. Going back to the dotcom vs Bitcoin chart report, Sosnick also added that the market models are shown by Bitcoin right now and the dotcom industry long back usually ends in a nasty way. According to him, the descending triangle towards the end of the Bitcoin price chart is a sign that the price slide is very apparent currently.
He also went on to say that there may be another emphatic price bounce for Bitcoin, furnishing users some hope in this bearish market. He stated that $6900 might be the next threshold while the bounce after which holders should be cautious through the slump.