Trader BTC-futures from the New York Mercantile Exchange (NYMEX) Anthony Grisanti argues that the cost of Bitcoin will move towards the mark of $7000 in the near future. He said that the price of the first cryptocurrency rose to $8000 too fast. Therefore, the cryptocurrency market consolidating now.
The expert claims that the situation will change if the coin rate exceeds $8650. However, this scenario is less likely in the near future. The trader from CME Brian Stotland shares this opinion. He warned that the cost of Bitcoin would collapse dramatically if it could not keep above $7000 in the near future.
According to Stotland, trading volumes fell in the last few trading sessions. The expert explained that buyers are not returning to the crypto market now as intensively as it was a few weeks ago.
The average market price of Bitcoin fell by 2,7% to $7638 on May 23. The total capitalization of the crypto market has decreased from $249 billion to $237 billion, a decline of almost 5.6% over the past 24 hours.
A halving will take place in the Bitcoin network in a year. The miners reward for the mined block will decrease twice. The coin rate has increased many times in the past times after this.