Bill Baruch from Blue Line Futures sees Bitcoin bottom
William Baruch, asset manager at Blue Line Futures, tells that the process of Bitcoin sell-off had exhausted, and now we are seeing a bottoming process instead. The finance expert believes that economic bottom is not an exact price, but rather a seasonal motion trend. The trend reversal is possible in the long term, economist says, thus indicating that he is not an advocate of a popular bubble hypothesis.
This person has already expressed the same opinion in April this year. Bill Baruch stated that Bitcoin had more room to grow. At the time, Bitcoin recovered from $6,900 on February to $9,400, then dropping to $8,800. In a report on those prices, Bitnewstoday observers did not exclude a “big trend reversal towards even lower values”. And indeed, Bitcoin costs $6,671 at the press time, thus returning to its February status.
The market capitalization of this cryptocurrency is another economic factor worth monitoring, and according to the data from Coinmarketcap, it largely resembles itself in February 2018 - approximately $114 billion both in past and present. This means that this parameter has not become bigger independently of the asset price.
Image: stock photo
Back to the list