Bitcoin poised for another ‘breakout’, says ‘Crypto King of Wall Street’

Bitcoin has, in recent times, fallen below that crucial $8,000 mark; however, Bart Smith, popularly referred to as the ‘Crypto King of Wall Street’, believes a ‘breakout’ is on its way.

Bitcoin poised for another ‘breakout’, says ‘Crypto King of Wall Street’

After a bullish run which saw the world’s number one cryptocurrency, in terms of market cap, go from roughly $6,000 to over $9,000, BTC has had a difficult couple of weeks, having sunk to below $7,500 for the first time in a while.

At time of writing, one BTC is fetching, on average, $7,585.97, according to data from CoinMarketCap, up 0.35% in 24 hours.

Despite all this, Bart Smith, the head of digital assets at Susquehanna, is optimistic about the future of Bitcoin.

"We need to see higher highs and higher lows"

Speaking during a recent episode of CNBC’s ‘Fast Money’ Smith (pictured below) said: “A lot of traders see the $6,800 level is something it needs to break through.

Bart Smith crypto king of Wall Street

“We have lower highs and lower lows, and we need to break out of that. You look forward to a new bitcoin ETF coming out, and there is a lot of enthusiasm.

“The price goes all the way up to $8,400. The ETF gets rejected, and it goes down again.”

Smith is of course referring to the Winklevoss twins’ ETF proposal which was rejected for a second time by the SEC (U.S. Securities and Exchange Commission) just last week.

Following the news of the rejection, Bitcoin slid considerably, although it has recovered, somewhat, since then.

Smith continued: “We need to see higher highs and higher lows, so the continuation to breakthrough and hold at $7,500 and bounce higher.”

"The iron is hot; it's time to strike"

Brian Kelly (pictured below), of BKCM LLC, shares Smith’s optimism re the future of BTC.

Speaking, also to CNBC, he said: “We are in an environment where there’s lots of regulation, and this is the best opportunity to get something new through. The iron is hot; it’s time to strike.”

BKCM LLC is an investment management firm catering to high net worth individual investors, family offices and institutions.

He added, re the recent downtrend: “You have to remember, Bitcoin can move five percent on any given day so while it may seem crazy to the legacy market, in the Bitcoin world, this is just a normal correction.”

Indeed, so unique is the cryptocurrency market, it would be unfair to hold Bitcoin to the same standards as blue chip stocks being traded on the stock exchange.

There may be life in the old dog yet...

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