RATE Group | Bitcoin Price Will Bounce Back Despite Recent Slump, Trader Says
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Bitcoin Price Will Bounce Back Despite Recent Slump, Trader Says

08 Sep Bitcoin Price Will Bounce Back Despite Recent Slump, Trader Says

Posted at 04:42h in Bitcoin News by

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Bitcoin has declined over 15 percent in the last two days. Nevertheless, cryptocurrency trader Brian Stutland of CME holds that it’s going to surge back up to $7,250 in the short-term.

“We Don’t Need Them”

Speaking to CNBC’s Futures Now, Brian Stutland shared his position on the current state of Bitcoin (BTC) 00. According to the crypto trader, the world’s largest cryptocurrency is going to surge back up to $7,250 in September.

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.

Strutland associates the recent decline with the reports that Goldman Sachs has backed out on its plans to open a Bitcoin trading desk. Indeed, immediately after the reports stated circulating the media, the price of Bitcoin, as well as that of other cryptocurrencies, has experienced a substantial…

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