Bitcoin had a great week as it entered $7,000 and even surpassed $7,100 at one point. However, it seems that Bitcoin still can’t push further and slipped down below $6,900. Bitcoin’s price was able to surge when the Securities and Exchange Commission (SEC) decided to reject nine Bitcoin ETF applications.
According to Michael Moro, the CEO of Genesis Trading, “Once the news broke about the SEC rejection, the price actually held. We didn’t see the five, 10, 15 percent sell off that you’ve seen in previous reductions and that the technical right around $5,800 and $5,900 held”. He added that “I think the bears have realized that they have run out of steam”.
Slow and Steady Growth?
If you will ask the likes of Tom Lee, he thinks that there is a chance that Bitcoin is headed towards $20,000 this year. However, Michael Moro believes that in order for Bitcoin to go back to $10,000 mark, “the number one thing that’s going to happen is slow and steady growth”.
He explained that “what you need to see is the less violent moves of five percent up, ten percent up—any slow and steady growth across exchanges”. He also added that “What I also think is important is that I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval product process is now far more muted which I think is a healthier outlook for the next twelve months”.
And his forecast regarding the possible Bitcoin ETF is the same with Brian Kelly. Brian Kelly believes that the earliest possible time that we are going to see a Bitcoin ETF is in February 2019.
Many in the industry believe that a Bitcoin ETF could attract institutional investors that can help revitalize the bearish market. There were already a good number of attempts but all were rejected. The Winklevoss twins even had their second Bitcoin ETF application only to be rejected for the second time around. And the worst part is that the SEC’s reason is the possibility of price manipulation.
Bitcoin Price Needs a Bit of Push to Go Bullish
For Moro, he thinks that people are going to start buying Bitcoins if there is an improvement from the current price. He mentioned that “I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market”.
He even added that “if the 7K level holds for the next week or two weeks, the bulls will 100 percent be back”.
Also, he thinks that “the more comfortable that the lows for the year are in and that we are more likely to see 10K rather than five”.
It does sound good for Bitcoin. However, what about the rest of the crypto market? Is it possible to see them return to their bullish days? There was a report by Satis Group that cryptocurrencies such as Bitcoin Cash and Ripple are on their way down in the coming years.