The incredible plunging commodity, crude oil, has become even more volatile of late. But according to traders Jim Iuorio and Anthony Grisanti, that could actually indicate that a bottom is in sight.

Crude oil settled 4.2 percent higher on Thursday at $50.48 per barrel, in a day that saw a nearly $5 range. The jump comes after oil fell 8.7 percent on Wednesday and rose 7 percent on Tuesday.

"I like volatility as much as the next guy, but 6 or 7 percent moves in a day is a little tough on a 50-year-old's heart," joked Chicago-based trader Iuorio.

Indeed, the CBOE Crude Oil Volatility Index, which measures the expected volatility of crude, continues to rise drastically. The index hit a new multiyear high on Thursday.

"I think this is part of the bottoming process," Iuorio said Thursday on CNBC's "Futures Now." "I think if crude takes out yesterday's highs [of $52.56], to me, it confirms a little bit of what I think, that the bottom is in."

"I don't believe we're going below $44 again," he added, referring to the nearly eight-year low that oil set in the week prior.

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Grisanti of GRZ Energy agreed, saying that "there's definitely a change in sentiment here that we might have hit a bottom, at least in the short term, and I think that's what's causing this kind of volatility."

In fact, Grisanti bought March crude oil futures at $51.50, with a target of $54.50.

But Iuorio refuses to hop aboard such a trade.

"I do believe that my bias is higher, but I'm not jumping in at $51.50," Iuorio said, as he'd rather watch it tick a bit higher first.

"Right now, it's the Wild West here in the crude market."

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