Bitcoin [BTC]’s $7000 mark hold is a sign of great things to come, say financial experts

The train of Bitcoin [BTC] speculations is still chugging along with multiple stories out to back the famous cryptocurrency. On Tuesday, 4th September, experts at CNBC discussed the status of Bitcoin right now and the intricacies in its growth and fluctuations.

Bitcoin’s rise and fall have been making waves in the financial system with the cryptocurrency unable to emulate its success of late 2017 when it is stupendously broke the $20000 barrier. The discussion mainly focused on how Bitcoin was holding strong above $7000 right now and whether the cryptocurrency could go back to its former glory.

Over the past few weeks, the price of Bitcoin has been fluctuating in the range of $6200 and $7800. The experts talked about how Bitcoin could maintain the $7000 threshold and why there was a sudden surge of confidence among Bitcoin investors and fans.

Reports have flooded the markets with various known names making Bitcoin’s case and why it could breach a minimum of $10000 barrier by the end of 2018 or the first quarter of 2019. This was backed up by the predictions that the Bitcoin ETFs would be accepted at about the same time, thereby propelling the cryptocurrency into the realms of mainstream adoption.

The panel on the discussion then stated that in the current market scenario, even a little strength amounts in creating a lot of momentum. Users were then informed about the time horizon to trade Bitcoin if there arises a scenario when Bitcoin could rise to monumental levels again. The entire market has to be treated like a slingshot, with the ups and downs of the market inadvertently creating a strong push for the cryptocurrency, they said.

The experts then moved on to the risk and reward perspective of the cryptocurrency, mainly focusing on how the effect of the futures contract, which was signed seven months back, has waned. A futures contract is basically a derivative product drawn from the essence of trading assets that are represented by a contract to trade a certain entity at a specified time in the future.

The idea of linking cryptocurrencies with futures was given a boost recently when it was announced that Crypto Facilities, an FCA regulated trading platform, announced that they will be launching new futures contracts for Bitcoin and other cryptocurrencies.

Bitcoin is a very different animal in the financial sphere, with people trusting it despite its rapid fluctuations, stated the discussion panel. Cryptocurrency enthusiasts were also informed that in the current market scenario, the Risk-Reward ratio was close to 2:1 with a minimum risk of $245.

At the time of writing, Bitcoin was trading at $7366.72, rising at a rate of a minuscule 0.01%. The cryptocurrency held a market cap of $127.07 billion with a twenty-four-hour volume of $4.46 billion.