Bitcoin’s [BTC] latest sprint above the much awaited $6,000-mark prompted massive speculations from institutional players globally. Jeff Kilburg, the KKM Financial founder, spoke about his expectation of BTC’s price movement after the recent six-month high on CNBC.
While Jeff Kilburg’s sentiment remained bullish for Bitcoin’s valuation, he noted that there was a “lot of room from the $4,200-level all the way up to $6,300-$6,400”. However, Killburg, while predicting Bitcoin’s movement, warned buyers that the latest price surge would pause and won’t “Hodl” for too long. He said,
“Enjoy the fact been able to move up higher in Bitcoin. Will take a pause right here, wanna be a seller here. Its a technical perspective, not an emotional perspective”
He also noted that Bitcoin’s price may witness a “back and fill” pullback from $6,200 to $5,800. The ceiling for BTC, according to Kilburg is $6,400.
Kilburg responded in affirmative to a Twitter user’s comment which said that Bitcoin [BTC] would scale up to $8,000 if the price breaks the $6,400-level. Referring to the interview, Kilburg, on his official Twitter handle, posted,
“#Bitcoin futures were created to mitigate risk… Thus, having the ability to trade around [Long or Short] your long Bitcoin or #crypto exposure potentially allows you to lower your cost basis on where u bought #BTC
[Potential was the key word] #HODL”
Bitcoin’s bullish rally continued on May 10 despite cooling off briefly. At press time, the world’s largest cryptocurrency was trading with a massive market cap of $111.7 billion and was surging by 4.41% over the last 24-hours. Bitcoin has surged by over 9.71% in a week.
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