New York Mercantile Exchange traders say Bitcoin will be retracted to $7,000 in the short term
Anthony Grisanti, a cryptocurrency trader at the New York Mercantile Exchange (NYMEX), said in an interview with CNBC that bitcoin prices will be adjusted back to $7,000 in the short term and adjusted.
He revealed that Bitcoin trading volume has declined in the past few trading days, indicating that investors will not return to the market with the same buying power as in previous weeks.
In addition, cryptocurrency fund manager Brian Kelly told CNBC that halving bitcoin production would help its prices rise further in the coming months.
Not long ago, the strategist of US banking giant JP Morgan Chase said that the recent gains in Bitcoin may be ahead of the game and have exceeded its "inherent value."
“In the past few days, the actual price of (Bitcoin) was significantly higher than the marginal cost. The difference between the actual value and the intrinsic value echoed the peak at the end of 2017. At the time, this difference was mainly solved by lowering the actual price. ”
As of press time, Bitcoin offers $7652, a 24-hour drop of 3.88%. (Mars Finance)