On-TV CME Crypto Futures Trader Says Bitcoin (BTC) Will Surge Again
Amid a bear market that started at the beginning of the year, there are some experts that believe that Bitcoin will surge back and cross the $7,000 dollars barrier. This is what Brian Stutland of CME believes.
Brian Stutland Bullish on Bitcoin
About it he mentioned:
“I’m looking at the September futures contract and I’ll be willing to buy it, actually at this point. $6,450 is my level, looking for that September futures contract to trade up to $7,250 on the CBOE futures contract with a stop out at $5950.”
Additionally, Strutland says that the recent decline is related to Goldman Sachs and the rumor that it decided to ditch its plans to launch a cryptocurrency trading desk. However, Goldman Sachs CFO said that this rumor is ‘fake news.’
When the report started circulating in different news sites, the price of Bitcoin dropped $900 dollars in just a few minutes. Ethereum and other cryptocurrencies have also been heavily affected by the rumor.
Moreover, Stutland has also explained that Bitcoin does not need a trading desk if it wants to succeed. He said that Bitcoin was made to ‘transact off the deposits of bank sheets.’ Furthermore, Bitcoin’s volatility is one of the things that scares investors the most.
Bitcoin is able to fluctuate several hundreds or thousands of dollars in hours or even minutes. Compared to other assets, the volatility is very high. He said that he would like the volatility to be reduced in the market for investors to feel comfortable to enter.
Furthermore, he says that we are in the early stages of the bottoming process. Bitcoin reached all time highs in December 2017 and since then the market dropped substantially. Some virtual currencies have even dropped 95% from their all time high.
“Bitcoin, Ethereum, and some of the leaders will stay. A lot of the altcoins out there will go,” he stated.