For the third day in a row, Bitcoin continues to trade below the $8,000 mark that it has gained in July 2018. A flurry of events beginning with the Winklevoss ETF rejection by the SEC has seen the price of the top-ranked cryptocurrency take a considerable tumble. However, a couple of experts believe that another price breakout is imminent.
Bitcoin Needs Higher Highs and Higher Lows
Speaking to CNBC, Bart Smith, the head of digital assets at Susquehanna said that Bitcoin needs higher highs and higher lows. According to Smith, $6,800 is probably the bottom for BTC, and that value needs to go higher to give the crypto a bigger upward bounce. Speaking on the state of the market, Smith also said:
A lot of traders see the $6,800 level is something it needs to break through. We have lower highs and lower lows, and we need to break out of that. You look forward to a new bitcoin ETF coming out, and there is a lot of enthusiasm. The price goes all the way up to $8,400. The ETF gets rejected, and it goes down again. We need to see higher highs and higher lows, so the continuation to breakthrough and hold at $7,500 and bounce higher.
Smith, popularly referred to as the ‘Crypto King of Wall Street,’ also commented on the next step in the evolution of the Bitcoin market. The Susquehanna chief said that big name brands need to enter the market to provide an incentive for more institutional players to put up equity in BTC futures.
Significant Events in Q4 2018 Might Spark Bitcoin Price Rally
For Brian Kelly of BKCM LLC, Q4 2018 might be an exciting time for the top-ranked cryptocurrency. According to Kelly, the emergence of robust custodial tools for cryptocurrency are probably four to six months away. Speaking also to CNBC, Kelly said:
We are in an environment where there’s lots of regulation, and this is the best opportunity to get something new through. The iron is hot; it’s time to strike. You have to remember, Bitcoin can move five percent on any given day so. While it may seem crazy to the legacy market, in the Bitcoin world, this is just a normal correction.
At press time, Bitcoin was trading at $7,600 after a quick drop a few hours ago to $7,500.
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