Recently, there has been a widespread speculation in regards to the next direction of Bitcoin price, particularly after the recent SEC decision over the Bitcoin ETF. Notably, the price of Bitcoin has hovered around the $6000 mark for the majority of Q2 2018.The Rivermont Crypto Fund, a reputable cryptocurrency firm based in Canada have voiced the opinion that this price range is a ‘crucial’ level for investors looking to buy Bitcoin.
According to a post on its Facebook page, the crypto fund suggests that it is only normal that Bitcoin goes through a period of consolidation, especially after the unprecedented rise in price during most of 2017. In other words, as long as the price remains above and around this maintenance price of $6000, investors should remain positive about the future price action of Bitcoin.
Impact of the SEC decision
Even with these sentiments from Rivermont Crypto Fund put into consideration, the anticipation of a decision from the SEC (U.S. Securities and Exchange Commission) over the Bitcoin ETF is one of the key drivers of Bitcoin’s current price, and a decision may significantly affect Bitcoin’s price trend. When Bitcoin recovered to a price point of $8000 early this year, investors held a collective sigh of relief as it represented a sign of optimism. However, the recent pullback following the delay of the SEC decision has cast a doubt of caution amongst most investors.
Dan Morehead, the CEO of the Panthera Cryptocurrency Fund commented on the recent pullback, suggesting that most investors were overacting in regards to the SEC news. However, he also conceded that this reflects the general prevailing mood and attitude of most investors, where investors are ready to sell without waiting for a significant event or trigger to make large movements on the Bitcoin price, as was the case when the SEC decided to delay their decision on the Bitcoin ETF.
Rivermont Crypto confesses that they too have become cautious about the market, as is reflected by their portfolio, which is comprised of 8.4% Ethereum, 19.4% in Bitcoin and a whopping 72.2% in cash reserves. Despite all this, as we edge closer to the end of the year, investors are anticipating a major decision from regulatory bodies to shake the market.
Regardless, Bitcoin has managed to resist falling below the $6000 price point during this bear market period. Investors are now currently waiting to see if Bitcoin can indeed hold above the price point of All that remains clear is that investors are looking to see if Bitcoin can hold above the price point of $6000 in the time to come ahead, particularly as regulatory decisions are looming.