Bitcoin Futures traders on CME and other institutional platforms around the world are also gaining from the rise in Bitcoin [BTC]. The Bitcoin derivatives contracts which began in December 2017 saw its bottom near $3000 in December 2018. It is risen rather impressively since then. The Bitcoin Futures price at 5: 20 Hours UTC on 10th May 2019 is $6280.
Jeff Kilburg, from CME, noted that there was a lot of room between $4200 and $6000 and that his sentiments are bullish toward Bitcoin [BTC]. Nevertheless, he said that as the market is celebrating the $6000 breach, a ‘back and fill’ pullback can be expected towards $5800.
Furthermore, he also noted that $6300-$6450 will be short term high limit at the moment according to him. He said,
“Enjoy the fact been able to move up higher in Bitcoin. Will take a pause right here, wanna be a seller here. Its a technical perspective, not an emotional persective… Expect a back and fill drop from $6200 to $5800”
Anthony Grisanti from NYMEX was, however, pessimistic about Bitcoin fundamentally as well. He said,
“I love this trade right now… I don’t see what wide scale Bitcoin is used for, so I don’t see a whole lot of room left to the upside.”
He also pointed to the over $40 million Binance hacks, a piece of negative news for Bitcoin involving one of the largest cryptocurrency Exchanges. However, the market seemed undeterred by that news as well. While the targets according to Killburg has been partially reached, it will be interesting to see if Bitcoin [BTC] favors the bulls further.
Do you think that Bitcoin will behave like traditional asset and record a back and fill or continue its move upwards? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com