Veteran Wall Street Hedge Fund Manager Claims Now Is the Time to Buy
Bitcoin enjoyed a period of relative stability during the past summer. The original cryptocurrency crossed the $10,000 mark on June 22nd and remained above that mark until September 22nd. Apart from a few minor dips which quickly recovered Bitcoin tended to trade between $12,000 to $10,000.
Roughly a week and a half ago, Bitcoin's value dropped to roughly the $8,000 mark. It has remained relatively stable since, which could cause a large movement in the future.
Yusko on Bitcoin
On a recent CNBC panel, Wall Street hedge fund manager Mark Yusko was present and one of the topics discussed was Bitcoin. When discussing Bitcoin's current price of $8000, Yusko enthusiastically exclaimed "Buy it!". Yusko later claimed that investors shouldn't let the day-to-day fluctuations of Bitcoin deter them from investing. He elaborated that Bitcoin's userbase & network is consistently growing.
Earlier this year, Mark Yusko made a Bitcoin price prediction of $30,000 before the next bear market, claiming "we are in the next parabolic move.". It is important to note that Bitcoin was trading at $12,000 at the time.
In addition to the CNBC panel, Yusko recently retweeted a graph elaborating his thoughts on Bitcoin.
A Glance at Bitcoin's Charts
From an initial glance at the charts, it does appear that there may be some truth to Yusko's claim. The RSI indicator seems to indicate oversold market conditions along with a few additional indicators of a bullish reversal. This includes the candles outside the Bollinger bands, the Engulfing Bullish pattern and the Three Outside Up pattern.
While it is very hard to anticipate the how high Bitcoin will go, the direction in the short term seems up.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado