It seems like previously staunch deniers of Bitcoin are slowly turning their views around and starting to seriously consider the world of crypto. Just a couple of hours ago, a longtime Bitcoin bear Boris Schlossberg did a short video for CNBC’s “Trading Nation” and shared his thoughts about the current crypto market leader’s latest movements.
Currently employed at BK Asset Management, this exchange strategist acknowledged that Bitcoin managed to explode above $6000 in the last couple of days, rising nearly 16% since Monday. Most of this rise came on Tuesday, against many technical predictions and analyses. The currency is being traded at around $7400 level, and Schlossberg feels the price could rise even higher in the short term.
He thinks that most of the rally happened on the back of two strong catalysts. First major thing that affected the rise was that BlackRock, the asset-management giant, expressed strong interest in the technology. The CEO of the company, Larry Fink, confirmed earlier this week that they are “big students of blockchain” and could look to invest in the space further down the line.
Other major catalyst that Schlossberg cites was a report that Steve Cohen, hedge fund billionaire and owner of Cohen Private Ventures, was exploring cryptocurrencies as well. According to a Fortune article published July 12, Cohen has invested in cryptocurrency-focused hedge fund Autonomous Partners.
He does imply that these catalysts merely kickstarted the rise as he points out that the asset is currently traded on technical, rather than fundamental considerations. Schlossberg sees Bitcoin as being more than capable to squeeze above $8,000, where it would reach a point of much stronger resistance.
For now, he feels that this move was a “technical bounce” that has the potential to bring more short-term gains to Bitcoin. Schlossberg concludes by saying that it remains to be seen if this latest rally has “legs” to maintain momentum and climb even further.
Schlossberg previously spoke about Bitcoin and called it a “speculative bubble”, equating it to “Pets.com of our generation.”
