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Wall Street Bitcoin Bull Sees a Change in Crypto Sentiment: Is This the Next Big Rally?

  • Jack Thomas
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    Bitcoin bull Brian Kelly believes that up next for Bitcoin is $6,000 as the sentiment around the markets looks to have shifted


Wall Street Bitcoin Bull Sees a Change in Crypto Sentiment: Is This the Next Big Rally?
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Bitcoin, and its effect on the cryptocurrency market –helping prices soar – has come as a bit of a surprise for investors as the root cause is yet to be discovered. But for one Bitcoin bull, Brian Kelly, who is well respected on Wall Street, this is evidence of a sentiment shift.

Kelly admits that although this movement across the market came out of the blue, he is not too surprised by it, saying that the cryptocurrency market place has probably started its bottoming out process.

A change in the air

There has been a lot of talk in general about the state of the cryptocurrency market, which has, for the most part, seen a pretty positive and beneficial Q1 of 2019. It has been referred to as the crypto spring, as well as the season of altcoins.


It is this change in sentiment – from an over-year-long bear market – that leads Kelly to believe there is a change in the air.

“Sentiment has shifted here,” Brian Kelly, founder and CEO of digital currency investment firm BKCM, told CNBC’s “Futures Now”. “All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process.”

Repeating history

Kelly’s lack of surprise is probably explained further by the fact that he has drawn comparisons to the last time Bitcoin went through a ‘flushing out’.

“You have that one last flush-out, and then the market starts to trade higher,” he said. “What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment.”

This market movement is also coming at a good time as there is more broad-based institutional interest.

“Even high net worth individuals, family offices, are starting to take a serious interest,” Kelly said. “There’s a couple major brokerage firms that are rolling out some custody solutions. So there’s quite a bid going on under the surface.”

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Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?


Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?
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On a day where the markets are predominantly in the red, but only slightly, it is interesting to note that Binance Coin is surging. The exchange token is up fiver percent, but it is totally understandable as to why there is so much positivity around the company.

The biggests news, which comes off the back of its decentralized platform, Binance DEX, is that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.


This means that Binance Coin will be shifting away from Ethereum, leaving questions open as to what this means for Ethereum, which has been under the pump to stay relevant in today’s crypto and blockchain space. This move will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance chain.

A positive investment

All the good news emanating out of Binance has not only helped the coin to climb in price when the rest of the market settles down – it is helping it head towards a new all time high. Binance, like many altcoins, reached its ATH in January of 2018 in that parabolic stage.

Binance Coin hit $24 back then, and now, it is at $21 and rising with the thoughts being that when the mainnet move takes place, there could well be an even bigger surge. It is also interesting to note that just a few months ago, at the end of last year, it hit lows of $4.50.

Competing with Ethereum?

The mainnet move is obviously good news for Binance, as the markets are suggesting, but is it equally bad news for Ethereum, which was the holder of $3 billion thanks to the exchange. Many people have speculated that this new blockchain platform will pose competition to Ethereum, but ultimately it will help diversify Binance Coin’s use cases while also increasing its utility.

So perhaps rather than being a direct competition to ETH, it is only going to strengthen Binance Coin and in doing so perhaps spell out the future of cryptocurrencies as there is good reason to believe that this token, with its added utility and use cases, will be a viable token for the world going forward.

Cover image via 123rf.com
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