The Bitcoin price benefits from a brief spell of positive momentum. There are always concerns over how long this momentum can remain in place. BK Asset Management’s Boris Schlossberg is surprisingly positive in this regard. The notorious Bitcoin bear expects this rally to continue for some time.
Schlossberg Isn’t a Permanent Bear
A lot of financial experts dislike Bitcoin and other cryptocurrencies. Boris Schlossberg is no exception in this regard. He has been outspokenly bearish on Bitcoin and its long-term success. One of his posts back in 2013 further confirms his lack of overall confidence in this particular industry, Even so, Schlossberg acknowledges the potential for profits when he sees it.
In this particular case, he is eyeing the current Bitcoin price rally. Solid gains over the past few days pushed the Bitcoin value back over $7,500. It is a value speculators have not seen for quite some time now. Any positive uptrend throughout 2018 has seen a near immediate pushback. This particular rally may prove to be different, according to Schlossberg.
The Bitcoin price has been in consolidation mode for several months now. Such a bearish market pressure cannot be maintained indefinitely either. The slightest positive momentum has pushed its value up by 16% in a span of several days. Technical analysis shows key resistance levels have been broken during this process. That alone can hint at future gains to come.
Sustaining the Bull Run
Other promising factors include the lack of serious market price resistance. Any value below $8,000 should be easy to maintain unless something drastic happens. Schlossberg confirms the value per BTC should reach $8,000 and more without too many problems. At the time of writing, a value of $7,693 has been reached and maintained.
Institutional investors also show an increasing interest in Bitcoin. BlackRock is looking to enter the market at some point in the future, although its CEO has said otherwise. Steve Cohen recently unveiled his investment in cryptocurrencies. All of these developments seem to spark investor interest more than technical analysis trends. Fresh capital seems to enter the cryptocurrency market as a whole.
Providing more legitimacy to Bitcoin remains a key process. Regulation will play an integral role in this regard. The widespread use of blockchain in the financial industry also paves the way for broader cryptocurrency use. Pieces of the puzzle are slowly falling into place for this booming industry.
Do you think the current Bitcoin price rally will continue? Let us know in the comments below.
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Author: JP Buntinx