- Despite Plummeting, Bitcoin is more popular than Beyoncé – Brian Kelly.
- Brian stated that $6,500 may be Bitcoin’s important support level.
This year alone, Bitcoin and Bitcoin-related searches on Google have dropped about 75%. This likely pointed to the fact that crypto investors are gradually losing interest in the most popular digital currency by market cap. To this crypto expert Brian Kelly, the CEO and founder of Brian Kelly Capital commented during an interview that the cryptocurrency is yet popular than Beyoncé:
“It’s probably good that we’ve got some of the speculative froth out of here but there’s still more Google searches than Beyoncé in bitcoin.”
Aside from the rise in the search rate for Beyoncé during her Coachella music festival performance in April, Google searches for the word “bitcoin” have increasingly exceeded searches for Beyoncé for 2018, as reported by Google Trends.
The price of Bitcoin had been faced with hard times this week, it dropped lower than $7k on Sunday 10th June, trading at a price not recorded since April 2018. Brian stated that crypto analyst should watch out for certain critical levels in order to ascertain where the Bitcoin price is heading next. He said:
“What I’m really looking for is some kind of movement, a bounce off $6,500,” he said. “We don’t really have the volume, there aren’t a lot of catalysts that I can see coming up in the very short term so I’m almost looking for this market to prove it to me.”
Brian stated that the bitcoin’s $6,500 price is paralleled with “fully depreciated mining costs.” According to Brian’s calculations, the cost of Bitcoin mining would rise to about $6k if on the average bitcoin mining necessitates the purchase of a new mining unit nearly every 18 months. This calculation sets $6.5k as an important mining support level. He added that if $6.5k is set as the important support level for the cryptocurrency, then $6.8k would be the resistance. According to him:
“On a very short term, $6,800 seems like a pivot to me so in this market, as a trader, I’d much rather be buying that momentum on a break through $6,800. Above $6,800, I think you can buy it as a momentum-type of trade.”
Bitcoin dropped beyond $6.8k on Tuesday 12th June, dropping by about 10% since Sunday following the announcement of the Coinrail cryptocurrency exchange hack.