Cryptocurrency trading firm, BKCM’s CEO, Brian Kelly has been an advocate for bitcoin and its likes for the longest time. During his recent discussion, he strongly trusts that the market will develop upon the creation of bitcoin ETFs.
It has been recently exposed that Kelly discussed on a regulated exchange that would make its way. According to him, they’re not a long way off. He has anticipated for such an argument to come into result by Q4 2018 which would be coming in the next five to six months.
Kelly recently quoted signifying that the presence of regulatory bodies will be the perfect opportunity to get something new through. With bitcoin’s consistent fluctuations, a lot of users who’ve seen the latest price hike to nearly USD $9,000 were annoyed with its drop afterward. Kelly sees this as normal, as he comments that it is nothing new for the gigantic move six percent on any given day, which he calls it as a correction.
Despite Kelly’s positive take on what’s coming for the crypto sphere, IG Markets Senior Strategist, Ilya Spivak forecasts an future bear market. The matter at hand was discussed with Business Insider, in which Spivak mentioned that the newest numbers show that close to 80 percent of IG retail traders are net-long bitcoin, with the ratio of traders long to short at 1 percent.
He further argued that the outstripping of net-long traders is a pointer that bitcoin may be decreasing more, and more to the point where serious support remains in the USD $7800 to USD $6000, opening the door for a test below the USD $4,000 figure.
As per the news published in Bitcoin Exchange Guide, the cryptocurrency and blockchain space endures its quick growth and development, BKCM trusts that these promotions preferably position the firm for a rising leadership role in both retail and fund management.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]