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Bitcoin [BTC] breakout over $6,000 mark possible, says BKCM’s Brian Kelly

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Bitcoin [BTC] breakout over $6,000 mark possible, says BKCM's Brian Kelly
Source: Pixabay

It was not long ago when many analysts were mulling over the possibility of Bitcoin [BTC] bottoming out, prior to a massive breakout. The recent Bitcoin boom was seen as a U-Turn from that very ‘bottom’ by many analysts, who now claim that the price will continue to rise up.

Brian Kelly, Founder and CEO of BKCM, was one of these analysts, claiming that this ‘bottom’ had been reached and the top cryptocurrency continue on its bullish swing. With the coin regaining prime dominance in the coin market and seeing its highest daily gain since over a year, Kelly added that the “sentiment has shifted here.”

He further added that the touted ‘bottom’ was now in the rear-view mirror,

“All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process.”

In an interview with CNBC’s Fast Money, Kelly stated that this Bitcoin green wave was nothing new, adding that it was “very similar” to previous trading cycles.

The two main reasons behind the present surge were the improvement in the coin’s fundamentals and the embrace from the institutional finance giants, Kelly said. Many big-name investment banks have recently moved towards cryptocurrencies, legitimizing the claims of the decentralized currency industry.

Bitcoin’s $5,000 breakout may not have one key cause, Kelly added. However, the entry of institutional players had more of an effect than many believe, he said.

He added,

“Even high net worth individuals, family offices, are starting to take a serious interest.”

With an increase in the price and adoption of cryptocurrency, there is a positive externality to crypto-facilitating companies. Custody and brokerage firms that dabble in decentralized currency and blockchain technology will be given a massive boost in a bullish market.



“There’s a couple major brokerage firms that are rolling out some custody solutions. So there’s quite a bid going on under the surface.”

Kelly added that given the conditions of the market, the surrounding sentiment, the trade volume in question and other positive factors in the cryptocurrency space, a move over $6,000 is possible

“Probably a reasonable target is close to $6,000 for this move.”

Kelly concluded by saying that even if the price skyrocketed by another 37 percent to reach $6,500 to $6,800, he would not call the coin overvalued in any regard.





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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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