This week, Bitcoin (BTC) raised investors’ hopes and left them disappointed yet again. Following the US jobs report, BTC/USD fell to an intraday low of $19,395.79 earlier today.
In a new interview with Circle CEO Jeremy Allaire, O’Leary expressed that he believes there is one thing stopping bitcoin (BTC) from exiting its current trading range. According to Kevin, bringing in support from US policymakers could catalyze an influx of institutional capital into the crypto markets, which could eventually spark a bitcoin breakout.
Kevin O’Leary said:
“I also believe that the one thing – just getting stablecoins [regulations] done… It’s the lowest-hanging fruit, but it would also signal to the rest of the crypto market, primarily the institutional investor market.
I really think, and this is speculation, that if you did this thing with just stablecoins, and you regulated it, it would increase the value of many different positions I have, including bitcoin.
Because they would make the assumption that we are stuck in a $17,000 – $22,000 range on Bitcoin and we will never get out of that if we don’t get institutional support. It’s just going to sit there forever.”
O’Leary also says that he may be seeing signs that indicate that bitcoin is losing its trend with respect to adoption. Shark Tank investor said, “There is fatigue in this market now. And there’s a lack of adoption, and a lack of pockets. There’s a lot of stuff missing, and it’s really coming to the fore now. People [are] saying, ‘We have to overcome this.’ It’s like a giant log jam.”
What’s In The Box For BTC Investors?
On-chain analytics firm Whalemap’s data shows the three price zones investors should focus on.
“So far, the resistance at $20,380, which is due to whale accumulation of ~20,200 BTC, is acting quite well, with the latest rejection being roughly accurate to the dollar.”
It must be noted that Bitcoin and the broader crypto market are primarily in a state where a range of bullish and bearish factors could determine the next direction of the trend. Few Bitcoin, crypto market and equities metrics show confluence and support the possibility of a relief rally in the short term. Generally, the overall trend favors a possible downside.
Bitcoin’s most promising short-term action would be to either keep floating in the same range, $20,000 and $18,400, or a higher volume breakout, clearing the current 116-day range with a series of daily closes at $25,200 highs. .
