Blockchain CEO Predicts Big Things Ahead For Bitcoin This Year

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Blockchain CEO Predicts Big Things Ahead for Bitcoin This Year Date: in: Bitcoin 0 Views
The CEO of Blockchain recently appeared in an interview to discuss the current state of the cryptocurrency industry, highlighting institutional interest as the primary talking point. Peter Smith: We Will See Positive Consolidation Over Q3 Of 2018
In a Bloomberg interview conducted on July 20th, Peter Smith, the CEO of the popular crypto infrastructure firm Blockchain, commented on Bitcoin’s most recent run-up. When asked if the move past the $6,800 and $7,000 resistance levels was the “beginning of something longer term,” Smith said: Sponsored Links
“I think over the past couple of years we’ve seen a lot of really rapid increases, and really rapid decreases, then a sort of a slow consolidation of the market. I think we are seeing another slow consolidation in the market now and we are likely to see a very sort of moderate or positive price consolidation over the next quarter.”
In other words, the CEO noted that Bitcoin may begin to see a gradual increase over the next few months, possibly indicating that he sees volatility decreasing in this industry.
Speaking more on this prediction, Smith cited reasons of higher levels of regulatory clarity, which was brought about by the countless developments made over the past year as Bitcoin hit the mainstream. Blockchain’s CEO: Retail Market Is Slowing As Institutional Interest Picks Up
Additionally, the CEO of Blockchain also brought attention to the fact that the institutional “order flow” has begun to increase, while retail investment and interest is starting to die down. He later elaborated on the retail versus institutional comment, stating:
“I think right now you are seeing a pretty slow retail market and historically the market has been led by retail. You are seeing a pretty big uptick in the institutional market and that’s a lot of the reason why Bitcoin is outperforming.”
Smith expects the institutional space to grow further due to new services and platforms aimed at clients from legacy markets. His own firm launched Blockchain Principal Strategies just a few weeks prior to the interview, which aims to be a one-stop shop for institutional clients looking to get their feet metaphorically dipped in the cryptocurrency space.
However, despite holding a positive sentiment regarding institutional involvement overall, Smith expects for institutional impact to arrive over a longer timescale, pointing out the industry won’t see the full effect of these investors until mid-2019. Bitcoin Market Dominance Rises to 47% As Altcoins Stumble
As Smith stated in the interview, institutions usually make Bitcoin their first cryptocurrency holding, resulting in an imbalance between capital invested in Bitcoin and in an altcoin like Ethereum. He noted:
“Institutions, when they are coming into the crypto market, usually buy Bitcoin first. And so I expect Bitcoin to outperform relative to other major cryptos in the next 6 months.”
As of the time of press, Bitcoin currently sits at the long-awaited $8,000 price level, while its market dominance figure at 46.9%, which is the highest it has been since mid-December of last year.
Brian Kelly, CNBC’s in-house crypto expert, pointed out Bitcoin’s dominance in a “Fast Money” segment on Monday, stating that Bitcoin has begun to bottom and subsequently move upwards due to the widespread speculation regarding the upcoming ETF verdict. Ran Neu Ner, the host of the CNBC Africa’s “Crypto Trader” show also expects for Bitcoin to continue to see a rising dominance figure as the market awaits the ruling, set to arrive sometime in mid-August.

[cchub]

Yea, this guy is probably long on bitcoin! So many people are trying to manipulate the market these days...

[ZainSpider]

I am also eagerly waiting for the next bull run.

[mastadonballs]

I'm too tired of seeing so many predictions out there . I don't believe in any prediction although it come from famous people in crypto world . I just believe in what I can see and what is happening . You guys should check back what CEO of JPMorgan predicted and you'll never believing in any prediction again )

[bit..what?]

Oh yes, again a prediction about the rise of bitcoin.
Somehow i hear no longer to this predicting anymore.
Everyone says something different and all just want to push their own project, coin or something else.

[hesham51]

When bitcoin goes up,  Altcoins go down, and when bitcoin goes down, Altcoins go down as well 

[criptogenious]

Blockchains CEO Peter Smit's assumption is most likely going to be true, I also assume. The price of BTC downs then Ups and now it is over $8000 that symbolizes something bigger is gonna be happen this year. May be it will outreach far higher than previous peak. Or something better is coming which we don't know as it is perhaps the crypto-space.

[3kpk3]

I completely agree with his opinion and I feel he is spot on with his assessment. I firmly believe that the second half of this year will reverse the trend observed during the first half of this year. The bull market will truly arrive during September when ETF gets approved by SEC(Most likely will) which will generate a huge intake of institutional funds driving up the market in a bullish manner which will help the entire market on the whole. This is the primary reason why I am excited for the second half of this year along with the upcoming festivities in my country.

[asriloni]

I completely agree with his opinion and I feel he is spot on with his assessment. I firmly believe that the second half of this year will reverse the trend observed during the first half of this year. The bull market will truly arrive during September when ETF gets approved by SEC(Most likely will) which will generate a huge intake of institutional funds driving up the market in a bullish manner which will help the entire market on the whole. This is the primary reason why I am excited for the second half of this year along with the upcoming festivities in my country.

You need to mark your word if SEC approved the bitcoin ATF and if the opposite thing will be happening at the middle of September and it can become another bearish trend for bitcoin again. I should not try to expect a lot from there before there will be more fundamental support for bitcoin.

[farhiamunni]

I think so. I wish, in the end of the year some big investors come back to invest on bitcoin and then bitcoins grows rapidly high. But if any shit happen this prediction will turn wrong.

[sarfwr]

Blockchain is developing rapidly. I am optimistic about the development of bitcoin and blockchain this year.
If nothing else, the BTC will hit a new high at the end of the year, as the passage of ETF will generate a lot of money.

[ShutterTeeth]

I know there been a lots of confusion about cryptocurrency market and it popular coin bitcoin but luckly currently blockchain CEO was arrived in a interview and he talk about the upcoming position developmental of the online trading market, and he also ensure that some big is wating ahead for bitcoin traders

[sidneycrypto6]

yes I also heard that statement of the blockchain CEO , after this rapid ups and downs of the bitcoin prices this is definitely satisfying news for the investors , I am sure he is a expert person of this field but still I will advise the investors to analyzing the market on their own cause situation can be switched any moments but still we are expecting for the best

[pimondcrypto]

As bitcoin get popular day by day. People are also more interested to invest on bitcoin. The growth of btc is like just dream. If btc continue this we also can predict best thing will happen end of the year.

[SheldonLang]

Bitcoin is a great coin for invest. It is less risky than other projects. Because its price fluctuation rang is not alarming. Recently blockchain CEO predicts in near future bitcoin price will rise and market will become more stable. So it’s a great news for the investors.

[andra73]

this is very interesting information and I think there is a good thing that we need to follow in every update to get more actual information.

[DavidMoore]

Peter Smith is the CEO of blockchain firm. Recently on Bloomberg interview, he stated that there might be a pump in the price of Bitcoin. He was gesturing that the volatility of Bitcoin might decrease in the future. This is a big news for the Bitcoin investors.

[Drbriggs]

Until then.... taken position already and waiting patienly for the bull run.

[DavidCallahan]

Not only the CEO of blockchain, almost all the people in the crypto currency market who are associated with it, have predictions that the future is bright for the BTC this year. The coin was in an downward trend but it is hitting a bull run and will generate a lot of investments.

[TonyRodriguez]

Due to market manipulation, a lot of ALTcoins may look like bleeding where as BTC is rising in a very fast pace. But, once the bull run starts, which is predicted to happen somewhere around the end of this year, all the coins should rise to surpass their last record price. Some Altcoins like, NEO, Stratis etc. are already doing great in this market.