Jim Iuorio, a CNBC contributor and a trader, has said in a recent interview on CNBC’s “Futures Now” that Bitcoin price must hold above $10,000 – then it will continue rising. The 10K level is what holds BTC from another major collapse.
Iuirio on the recent Bitcoin price fluctuations
Since 2019 began, Bitcoin has gained almost 200 percent. This week, its price has shown big fluctuations, crushing from almost $14,000 on Thursday.
Iourio is a managing director of TJM Institutional Services and has been trading options and futures for a long time. He believes that despite the recent fall in the price, there is still a hope for Bitcoin to soar.
As long as it [BTC] stayed above $10,000, I still think it has some decent upside.”
BTC community might be disappointed
He says that the current reverse in the BTC price may upset some Bitcoin investors but he says that the presently going correction of the price is healthy.
This is, I hate to say, a healthy movement in something that’s gone as far as it is.”
‘Bitcoin is not ready for prime time’
Overall, the expert believes that the major crypto asset is far from being ready to become real ‘digital gold’. However, gradually every big institutional investor improves the situation, as per Iuorio.
Everything that comes into it validates this a little bit more. It’s not ready yet. But anything that can be added to it, maybe someday it will grow into that.”