- Ex-NYSE President Thomas Farley said earlier this month that Bitcoin will have to be part of any portfolio.
- Farley’s statement resurfaced after Bitcoin touched the $25,000 ceiling.
- Bitcoin has retraced a bit, and it may attempt to climb back up in the next few days.
A video showing Thomas Farley, former President of the New York Stock Exchange (NYSE), reappears on social media after the price of Bitcoin (BTC) hits $25,000 for the first time since June 2022.
“When #Bitcoin was at $60,000 you had a lot of institutions on the sideline who are looking and saying ‘boy we’d like to invest,’” says @ThomasFarley. “So as it went to $17,000, it wasn’t a shock to me that you saw some of those institutions step in. That was a pretty easy call.” pic.twitter.com/wRnQNzNMYL
— Squawk Box (@SquawkCNBC) August 9, 2022
In the interview on August 8, Farley said that Bitcoin “will have to be part of a portfolio.” He also said that financial institutions that missed out on Bitcoin at $60,000 found the crash an ideal time to buy in.
“So as [Bitcoin] went to $17,000, it wasn’t a shock to me that you saw some of these institutions step in,” Farley remarked. “That was a pretty easy call.”
At the moment, however, Bitcoin is encountering strong resistance at $25,000. In fact, Bitcoin only touched this ceiling briefly before retracing back to at least $24,000.
In the 4-hour chart, Bitcoin has formed a Rising Wedge pattern, a bearish signal that indicates a potential trend reversal. On Binance, BTC has reached as low as $24,000.
Meanwhile, the Relative Strength Index (RSI) is currently at 47, which means that there has been a huge selling pressure in the last couple of hours. This suggests that BTC has indeed retraced. For Bitcoin bulls, this may be advantageous since BTC may attempt to recapture the $25,000 territory and flip it into support.
At the time of writing, Bitcoin is changing hands at $24,839.52, according to CoinGecko.