Travis Kling: Bitcoin's rally to $5,000 is “nail in the coffin” for bears

10 Apr, 2019
by Richard Allen
Opinion
Travis Kling: Bitcoin's rally to $5,000 is “nail in the coffin” for bears

Cryptocurrencies have their fair share of cynics who like to criticize Bitcoin saying it has yet to establish a long-term floor. Crypto investors, however, believe the market is ready to rally.

Chief Executive Officer of Ikigai, Travis Kling was recently asked on Twitter about his thoughts regarding the Bitcoin market by renowned technical analyst, The Crypto Dog. Kling responded with, “In 7 weeks leading up to April 1, the chances we would retest the lows of mid-Dec diminish significantly.”

Kling went on to explain the price action we’ve experienced in April thus far, which saw a massive spike on April 1, bringing Bitcoin well past $5,000 with several altcoins reaching new year-to-date highs. According to Kling, this “Essentially put the nail in the coffin for new lows.” He concludes by saying “A retest is now highly unlikely.”

Kling recently attributed Bitcoin’s price spike on April 1 to central banks. “We had the Fed do a complete U-turn into dovish mode, then everyone else followed (European Central Bank and Bank of Japan). We now have this set up where they [central banks] have become politicized both in the U.S. and globally. It’s the new world we are living in,” he explained.

Read more: Investor claims we need more "crypto is dead" before next big rally

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Read more about: Bitcoin (BTC)

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