One of New York Mercantile Exchange’s (NYMEX) top cryptocurrency traders stated that the bitcoin (BTC) will likely consolidate soon and move back to a $7,000 price.
Anthony Griasnti on Bitcoin Price
NYMEX’s Anthony Grisanti recently told CNBC’s Trade Alert show that he believes bitcoin price will return to $7,000 shortly. He added that this will be due to the market consolidating and pointed out that this was very healthy.
The trader also underlined that the last few sessions saw volumes go back down and said that it was an indication that buyers aren’t returning to the crypto market with the same fervor they had a couple of weeks before.
Brian Kelly: “Halvening is likely to happen in 2020”
Brian Kelly, a cryptocurrency fund manager, also went on CNBC the other day and said that an imminent supply cut can push bitcoin prices further in the upcoming months. He also said that a “halvening” is likely to happen in 2020. Kelly also suggested that investors allot around one to five percent of their portfolio to crypto while the price remains at the $8,000 level.
Went Past JPMorgan Chase’s estimate
Meanwhile, strategists from JPMorgan Chase claimed that the bitcoin’s recent surge supposedly went past the intrinsic value they had estimated. The banking giant’s top analysts claimed that the “divergence between actual and intrinsic values” of the coin was reminiscent of its rally in the latter part of 2017. The situation at that time was resolved by a drastic cut in its actual price.
According to CoinMarketCap, the leading cryptocurrency was trading at around $7,931 as of press time and incurred a loss of 1.02% from the previous day. But based on the BTC’s monthly chart, it had gained around 50%.