New prediction suggests trouble ahead for Bitcoin

Bitcoin is set to bottom soon, argue pundits, before climbing again at the end of the year…

American television has again been debating the state of the cryptocurrency market, and in particular where Bitcoin is fitting into that. It follows a growing period where the most prominent crypto’s price has stayed in the $6000s, save for a brief dip below that. Furthermore, more price volatility is set to lie ahead, with several rulings due from America’s Security & Exchange Commission (SEC), that may give the currency a bounce, or send it plummeting. More on that here.

On CNBC in the US, though, one trader in particular, Anthony Grisanti, isn’t impressed. Commenting on the fact that Bitcoin appears to be stuck below $6500 with a fall in futures volume, he reckons that the SEC won’t approve the ETFs that it’s set to start ruling on this week, and consequently predicts that Bitcoin will move below $6000 again. “I don’t think the SEC is comfortable with who’s trading this”, he argued.

He also said that the market as a whole has moved away from Bitcoin. In part, that can be down to a summer lull, arguing that a clearer picture will form in the autumn. His colleague on the CNBC segment, Brian Stutland, was far more scathing.

“I like seeing the lower volume”, he said, “which shows there’s a little less interest in selling here”.

He thinks too that the $6500 level will be a “critical resistance level” (although Bitcoin has jumped above that in the 24 hours since he made his broadcast!). His prediction is that Bitcoin will stick between $6000 and $6500, before things “bottom out” and then “head higher towards the end of the year”.

The full segment can be found here.

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