Bitcoin could get remain stuck in a price range defined by $8,000 as support and $20,000 as resistance, believes Mike McGlone of Bloomberg Intelligence.
The senior commodity strategist on Tuesday said bitcoin price is in an “extended hibernation” state because more people are storing the cryptocurrency like gold instead of trading it on the spot markets. In a longer run, such a sentiment would lead to a reduction in bitcoin’s otherwise wild volatility. That would limit the cryptocurrency’s price fluctuations and would bind it inside a range. Excerpts from his Bloomberg interview:
“Volatility in bitcoin is guaranteeing to reach new lows. The low in 180-day volatility is around 40 percent and that was from October 2015. That marked the bottom in the market and took off.”
The post Bitcoin Could Get Stuck in $8k-20k Range Endlessly: Bloomberg Analyst appeared first on NewsBTC.
Reviewed by Eugene D
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August 21, 2019
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