Bitcoin dropped more than 15 percent in the past few days. However, some crypto traders believe that we shouldn’t be worried and just wait for Bitcoin to surge back.
According to crypto trader Brian Stutland, Bitcoin will rise back to $7,250.
‘’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 $5,950’’.
He believes that the recent decline was due to the reports that Goldman Sachs gave up on the plan to open a Bitcoin trading desk. Though not far from the truth, after the reports reached the media, the price of Bitcoin but also the price of many other cryptocurrencies experienced a massive decline. Bitcoin dropped by $400 in just 10 minutes while Ethereum declined by more than 12 percent.
However, the Chief Financial Officer of Goldman Sachs hurried to inform that this was ‘’fake news’’.
If we go back to Stutland, he deeply believes that Bitcoin doesn’t need a trading desk in order to be efficient and that Bitcoin was made to transact off the deposits of bank sheets. According to him, is the volatility the most scare investors from getting into crypto and wants to urge people to accept it and be more comfortable with it. Right now, we are indeed in the early stages of the getting down process so maybe it will take a full year or more for all the prices to reach low levels in order for people to get comfortable with this reality.
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