“Crypto King”: The Winklevoss ETF Rejection Wasn’t Bad For Bitcoin

While yesterday’s pullback of Bitcoin’s price may have irked more than a few investors, many industry leaders remain bullish on the price of crypto assets, including Wall Street’s “Crypto King.” Bart Smith, Susquehanna’s head of digital assets, recently revealed that he doesn’t see the Winklevoss ETF verdict, along with the subsequent drop-off as bearish signs. Speaking with CNBC’s Fast Money panel of traders and analysts, the so-called “Crypto King” brought attention to the heavily-cited $6,800 support level.

As Smith noted, many technical analysts, like Robert Sluymer from Fundstrat, see $6,800 as a vital level, so the most recent move above that price is a promising sign. The expert attributed the 30% bounce off year-to-date lows to the positive news regarding the VanEck and SolidX ETF. The Susquehanna executive went on to note that if Bitcoin stabilizes above $6,800 and $7,500, it is likely that the bears won’t return, or at least not anytime soon. After seeing a loss of 7% over the past forty-eight hours, Bitcoin has since rebounded off the $7,500 support level, currently at $7,650 as of the time of writing. Moving forward, Smith hopes to see higher lows, coupled with higher highs, as a potential precursor to a longer-term upward trend.

As reported by NewsBTC previously, Mike Novogratz, another influential investor in this industry, also expects Bitcoin to continue to do well moving into future, recently advising his followers to “stay long.” Fulfilling the seemingly obligatory need for discussion around the Winklevoss ETF verdict, Susquehanna’s digital asset expert, implied that the fact that Bitcoin didn’t drop under key resistance levels due to the manipulation and liquidity concerns is a positive signal. Another hope for bulls is the introduction of a “brand name pension fund, endowment foundation, or insurance company” into the industry, which many have seen as a long time coming. The allocation of even just 1% of an institution’s liquid assets to Bitcoin, which has a close-to-zero correlation with traditional markets, would decrease their risk profile.