The cryptocurrency market regained some momentum after hitting the weekly low of $420 billion in yesterday’s trading. Bitcoin (BTC) experts and traders are optimistic that the latest developments and increasing market adaptations could lead to a massive price rally this year.
Bulls expect BTC price to soar sharply if the rumors are found to be true regarding the Intercontinental Exchange (ICE) and its plan to launch a cryptocurrency exchange.
Brian Kelly, a prominent cryptocurrency trader, and founder of BKCM said: “I actually saw ICE news and was very very excited. I am actually a little shocked that the market didn’t pick up on this.”
Bulls Are Excited About the Potential Rally
The largest coin dropped to $9,000 early in yesterday’s trading. But it has remained above that level as today it trades near $9,300.
Chamath Palihapitiya — former Facebook Inc. (NASDAQ:FB) executive and venture capitalist— defended bitcoin and the cryptocurrency market after Warren Buffett’s and Bill Gates condemnation of it this week.
The expert is of the opinion that Buffett doesn’t have the potential to judge technology. He pointed out Buffett’s investment in International Business Machines (NYSE:IBM) that posted losses in the 22 consecutive quarters before generating some gains early this year.
He said, “It’s been clear in his entire investing career that technology is not in his circle of competence.”
Bitcoin Cash Outperforms other Coins Today
Bitcoin Cash price outshines the rest of the top ten cryptocurrencies for the second day straight. The fourth largest coin rose almost 9% to trade in the range of $1,600 in early Thursday trading. Technical analysts see the next resistance level at $1,700 for BCH. Bitcoin cash hit $1,800 last weekend but fell back to the $1,500 range due to a broader market selloff.
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