Financial Analyst: Correction is Now Healthy if Bitcoin Has Support Above Rp. 140 Million – One of the regular financial analysts on the “Future’s Now” segment of CNBC believes that the sharp decline in the price of Bitcoin (BTC) over the past 24 hours is healthy for the market. Jim Iuorio hopes to see prices bounce back above the $ 10,000 mark.
If Bitcoin can find Support above the psychologically relevant price point, Iuorio has confidence that prices will continue on the trajectory that has generally risen to the top in recent months.
TJM Institutional Services managing director and experienced futures and options trader, Jim Iuorio, appeared on CNBC previously to discuss the latest extreme steps in Bitcoin prices. Together with fellow regular analyst Scott Nations, Iuorio believes that this decline is not only expected but also healthy for the market:
“This is what must happen. I think it can easily collect itself above the level of $ 10,000 and continue what was done before. ”
For Iuorio, a decline like that has caused Bitcoin prices to fall below the $ 11,000 level from a new high of almost $ 14,000, not only expected but also to be welcomed because they “let go of weak hands”.
The recent price rally for CNBC regular is the latest Federal Reserve quantitative easing program. He believes that people hedge against controversial policies by investing in alternative assets, one of which is Bitcoin.
Perhaps because Iuorio’s optimism for the Bounce was greater than $ 10,000 and how useful the move was in the bigger picture, the host CNBC felt compelled to remind viewers to be “cautious enough” when considering taking a position on the market.
Iuorio agreed but also added that for those who understand the market well, such turbulent market conditions certainly present greater profit opportunities:
“Just be careful? Really Wild West out there! … Where there is great volatility, there are also great opportunities. ”
Finally, Iuorio speculated about the future of Bitcoin. He argues that, based on its volatility, financial and technological innovations are not ready for public use and that this comes as something surprising to him.
Prolonged period stability experienced at the end of the market The latest bulls have signaled more stable assets to experienced traders and investors.
The return of wild Swing 20% or more in just 24 hours confirmed Iuorio that it did not happen. However, he acknowledged that with every major infrastructure development – the highly anticipated launch of Bakkt, and the launch of Fidelity and TD Ameritrade into the market with its products – the crypto industry will be stronger and therefore increasingly unlikely to go anywhere in the near future:
“Everything that goes into [industry] validates [Bitcoin] a little more.”
At the time of the press, the price of Bitcoin was at Rp. 159 million or $ 11,275, down 12.3 percent within 24 hours.