Wall Street crypto king Bart Smith, head of digital assets at Susquehanna, recently shared his opinion with CNBC Fast Money about why he believes that Bitcoin is preparing for another rally.
As Smith said, Bitcoin needs higher highs and higher lows. He went on to explain that the $ 6800 level, which was noticed not so long ago, is likely to be a bottom for Bitcoin, and the announcement of Bitcoin ETF, despite its rejection, pulled the BTC through the $ 6800 barrier.
Smith said:
“Many traders see that the $6800 level is the one to break. We've had lower highs and lower lows and we need to break out of that. You are looking forward to the new Bitcoin ETF and are full of enthusiasm. The price goes to $8. The Winklevoss ETF is denied and drops to $400. We need to see higher highs and higher lows, so expect a continuation to a breakout and a hold at $7500 and a bounce higher.”
Smith went on to say that in order for the market to see even higher profits, we need the participation of institutional investors. Smith explained that we would see another major bull rally if major insurance companies came out.