CEO of BKCM Projects New Opportunity for Bitcoin Soon-Approaching
Cryptocurrency trading firm, BKCM’s CEO, Brian Kelly has been an advocate for bitcoin and its likes for the longest time. During his recent discussion on CNBC’s Fast Money, he strongly trusts that the market will develop upon the creation of bitcoin ETFs.
It has been recently revealed that Kelly spoke of a regulated exchange that will be making its way, adding that he doesn’t “think they’re a long way off.” He has projected for such an exchange to come into effect by sometime “Q4 2018 so […] that’s coming in the next four to six months.”
Express recently quoted him suggesting that the presence of regulatory bodies will be “the best opportunity to get something new through”.
With bitcoin’s consistent fluctuations, many who’ve seen the latest price hike to nearly USD $8,000 were displeased with its drop afterwards. Kelly sees this as normal, as he comments that it is usual for the giant to “move five percent on any given day”, calling it a “correction”.
Despite Kelly’s positive take on what’s coming for the crypto sphere, IG Markets Senior Strategist, Ilya Spivak predicts an upcoming bear market. The matter at hand was debated with Business Insider, in which Spivak said:
“the latest numbers show that close to 78% of IG retail traders are net-long bitcoin, with the ratio of traders long to short at 3.5 to 1.”
He further argued that the outnumbering of net-long traders is an indicator that bitcoin might be falling down even more – to the point where,
“critical support remains in the USD$5,790 [to] USD$6,450 area […] opening the door for a test below the USD$5,000 figure.”
Do you think bitcoin will once again fall to USD $5,000? Given that bitcoin reaches that low, do you think it will hinder consumer acceptance?