Bitcoin is living through its third day in a downward price trend, but Bart Smith, a bitcoin trader, believes that the crypto is very well set for a price improvement as long as the fluctuations create a positive trend. Bart Smith is the head of digital assets at Susquehanna.
At the moment, there’s uncertainty among bitcoin traders as there are fears that the price might end up in a stagnation point between $6,000 and $7,000. This is especially after a proposal for the approval of the first bitcoin EFT was turned down by SEC. The proposal was presented by Tyler and Cameron Winklevos (the Winklevos twins).
Bitcoin Needs A Break Through
In an interview with CNBC, Smith said that many traders out there are of the opinion that the crypto needs to break through the $6,800 level. He also cited the very recent price fluctuation that was brought about by the anticipation for a bitcoin ETF, and which later flopped after the SEC turned down the proposal. By the third day since the price started dipping, bitcoin has lost about 4.22% in value, slipping back from $8,400 to the $7,500 range.
However, it’s not just bitcoin that’s been hit by the current downward trend. Other cryptos like Ethereum and Litecoin have seen some price drops too, with ethereum trading at $414 (a 2.6 % drop) and litecoin going for $76.7 (a 0.81% drop).
But not all cryptos are losing. In the case of Ripple, a small price gain of 3.19% isn’t that bad when every other major crypto is on a downward roll. Ripple is trading at a range of $0.4356.
Could The Strategist Be Right?
As if to affirm the state of uncertainty, bitcoin’s price decrease seems to bother experts like Ilya Spivak, a senior strategist at IG Markets. According to this expert, the prevailing bitcoin trader position points to an incoming bearish trend that could see the price sink lower.
To back the point at a talk with Business Insider, Spivak explains that the analysis is extrapolated from data on crowd sentiments and related indicative factors like the ratio of net-long users to short-long users.