Bitcoin is well above $7k price level despite the bulls slowing down and the majority of other cryptocurrencies feeling the red. However, experts and investors are all in positive of institutional interest and that bitcoin has made to its bottom and only going to rise upwards.
Bitcoin [BTC] maintaining its position above $7k
Bitcoin (BTC) has stopped just above $7k level as the bulls came to a screeching halt. At the time of writing, the world’s largest cryptocurrency by market cap of $126.8 billion, Bitcoin has been at $7,393. In the past 24 hours, it has seen a red of about 0.06 percent.
For the past couple of days, the entire cryptocurrency market has been registering substantial gains. Bitcoin has taken a hike of over 17 percent in these last 3 days before bulls took a step back. Given the short-term sentiments in the market, it is likely bitcoin will stay stable, for today at least.
$7,300 is certainly the support area for the Bitcoin price and if it plans to hit above $8k, $7,500 is the level it needs to achieve.
Bitcoin (BTC) is keeping the balance while Stellar (XLM) is up by 10 percent, however, other coins like XRP, EOS, Bitcoin Cash, and NEO among the majority of other coins are down by several percentages.
Experts positive of a bull run
The bulls might have slowed down, but crypto enthusiasts are not affected. According to Barry Silbert, the CEO of Digital Currency Group believes Bitcoin has reached its lowest point and will only climb higher now.
“I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week… As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”
In a conference in New York, Silbert shared
“This is a new infrastructure layer of the internet. It will replace what operating systems do. It is the future of the internet … This just isn’t about digital gold.”
“I think a lot of people were looking for the bottom… A lot of institutional money… looking for an opportunity to get in… I think the bears just ran out of energy… ran out of bitcoin to sell… And I think from a technical perspective it’s starting to look pretty good. And when the Chair of the Fed says negative things about Bitcoin, when Howard Marks [co-founder and co-chairman of Oaktree Capital management] says negative things about Bitcoin… and Bitcoin doesn’t move, I think that’s a really bullish sign.”
Talking about the institutional interest, it is certainly growing in the crypto market. Investors, analysts alike are excited of their entry into the market that is expected to boost Bitcoin price. Also, the consistently increasing hash rate is another factor that further points to a major upward movement as per the analysts.
Fundstrat Analyst Thomas Lee is also feeling positive as he says the surge in price is an indicator of an incoming huge bull run.
Recently, the billionaire Steven Cohen also known as the Hedge Fund King has made the move to enter the market by making an investment in the crypto-focused hedge fund, Autonomous Partners through Cohen Private Ventures.
The Market is feeling positive about a bull run and the sentiments and factors affecting are also in favor which backs up the possibility of an upward trend.