For the third consecutive day, Bitcoin (BTC) is still trading under the $8,000 level it reached in late-July 2018. A series of events that commenced with the SEC’s denial of Winklevoss twins’ Bitcoin ETF has resulted in a significant drop in the BTC value against the US Dollar. But a pair of market analysts thinks that a further breakout of its price is imminent.
Bitcoin (BTC) must have higher highs and lows, says “Wall Street’s Crypto King”
Bart Smith, Susquehanna’s manager of digital assets, also known as “Wall Street’s Crypto King,” stated to CNBC that Bitcoin (BTC) requires higher highs and lows. Smith said $6,800 is most likely the lowest value of BTC and that price has to be higher to provide a greater upward rebound for the leading cryptocurrency.
Many traders see that the $6,800 level is something they need to break. We have lower and lower ups and downs, and we have to get out of it. You are looking forward to a new bitcoin ETF, and there is a lot of enthusiasm. The price is as high as $8,400. The ETF is rejected and falls back. We need to see higher and lower ups and downs, so keep moving forward and stay at $7,500 and bounce higher.
Bart Smith, Susquehanna
He also discussed the next phase in the development of the Bitcoin (BTC) market. Susquehanna’s head added that the major brands must step into the market to encourage even more institutional investors to put capital into BTC futures.
Substantial achievements during Q4 2018 might lead to a Bitcoin (BTC) surge
For BKCM LLC’s Brian Kelly, the Q4 2018 might be an exhilarating occasion for the leading cryptocurrency, the Bitcoin (BTC). The advent of solid custody tools for cryptocurrency is most likely only four to six months apart, Kelly believes.
We are in an environment where there is a lot of regulation, and this is the best chance to get something new. The iron is hot, it’s time to strike. You have to remember, Bitcoin (BTC) can move five percent any day. While it may seem crazy to the legacy market, in the Bitcoin world, this is just a normal correction.
Brian Kelly, BKCM LLC
At the moment of this writing, Bitcoin (BTC) trades at $7,544, dropping about 1% in the last 24 hours.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.