At the onset of Bitcoin’s bull market run, many are sitting to discuss multiple aspects of the scenario, such as the major hurdles that the Bitcoin market could face in the future, how to trade the coin, the upcoming ETF and its impact on the altcoin bunch, among others.
The digital investment expert and CEO of BKCM LLC, Brian Kelly believes that the Bitcoin rally has started and the market is at the initial stage of a long bull run. The reason for this is told to be the Bitcoin ETF, which rumored to come in the month of August. Of late, this has been the talk of the Bitcoin town and impacted the market on a huge level.
However, Kelly is also saying that there are three major hurdles in the way of the Bitcoin rally. One of them that leads the other two is a possible rejection of the Bitcoin ETF. According to him, this can be followed by a boost in the prices of altcoins and raises a question of their ability to ‘catch Bitcoin’.
When it comes to the rejection of the ETF, the SEC could make it a reality, either by asking people to withdraw the application or delaying it. Kelly also put forth the view that the cryptocurrency community should be cautious in believing that the ETF is coming soon, especially after the recent Bitcoin run.
For instance, last year, an ETF was rejected. This resulted in the boost of altcoins. Here, Kelly says that we saw Bitcoin outperform and altcoins prices go flat. Cryptocurrencies such as Ethereum [ETH] and XRP [XRP] have been flat due to all the money flowing into Bitcoin. In case of an ETF rejection or even delay, a heavy amount of money will flow out of Bitcoin and into the others.
Jeff Kilburg, the CBOE Futures trader also gave an insight into his method of trading. He recently stated that he would like to be a buyer at $8,000 and see a little pushback in the run, maybe by a $300. He also describes this level as being technically sound.
If the prices move up to a rough $8,800, Kilburg also believes that it will be a great momentum gain for the coin. Moreover, it is also being considered that Bitcoin is gaining a rapid, almost abrupt flight. Hence, Kilburg’s mentions his ‘stop’ being at just $400 lower at $7600 to trade strategically.
At press time, BTC is trading at $8,217.03 with the market cap of $141 billion. It is up by 1.31% during the past 24-hours and the cryptocurrency continues to be on the bullish side.
Andy#305, a crypto-follower on Brian Kelly’s opinion commented:
“Doesn’t he run a crypto hedge fund for friends and family? He basically admitted he sold into the rally. Care to call out the blatant conflict of interest here?”
A Twitter handle named He Hate Me also wrote:
“If I had a dollar for every time @BKBrianKelly said we’re in a bull market I would have at least 6 dollars this year.”
Zack, another Bitcoin-fan and CNBC follower said:
“Oh for fucks sake, you had to ruin it didn’t you?”
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