Brian Kelly Adds His Two Cryptos by Giving a Bold All Time High Bitcoin Price Prediction Yet
The Permabulls are not taking today’s crypto market decline to heart, considering the 30% price increase with Bitcoin this month, that took its price upward of $5,000. One of these permabulls, is Brian Kelly, a manager of crypto funds.
— CNBC's Fast Money (@CNBCFastMoney) April 10, 2019
As Bitcoin (BTC) rises from its ashes, Kelly comes back strong with his most confident crypto prediction till date- BTC will surmount it’s previous almost $20,000 mark.
Kelly suggest that we have a little patience till then. His response to been asked if higher price points will be seen, included that a new record was a “no-brainer”, and higher records will occur:
“Without question this next cycle. You’re talking probably a two-year cycle.”
The upcoming BTC halving in 2020 is a speculative reason for the anticipated record high. Kelly said that:
“The cycle for bitcoin is usually about a year before to a year after. So over this two-year period, you will likely get this big upswing — particularly if the institutions come in — and I think we surpass all-time highs.”
Brian Kelly shares the opinion that the low $3,000 price point of the end of 2018, was its rock bottom. Apart from the fact that BTC is already trading at November 2018 levels, it has also maintained the fundamentals.
Bitcoin trades aren’t exactly typical, but if it was a rational projection here are reasons why some optimistic projections are valid.
- “active wallet growth up 26% since January”
- Transaction rates reaching levels of 2017
- CME BTC futures “large open interest holders” are at an all time high.
‘INSTITUTIONS AT THE GATE’
There is an increased institutional interest in the crypto space, considering the impressive turnout of participants in the recent FO256 conference focused on digital assets.
The conference was hosted by Arca, an investment management firm yesterday.
David Nage of Arca tweeted this “Joy seeing Family Office/high-net-worth individuals taking notes, learning at FO256; talking to panelists and more,” tweeted Arca’s David Nage.
BLACK HOLE OR TO THE MOON
Crypto skeptics think this is rather a black hole for BTC. Tom Lee of Fundstrat, is a known crypto permabull said to Bloomberg, that BTC ‘s resilience is very impressive he said
“An instrument that can go back to its 200-day and hold it is now back in a bull trend. So I think sentiment has to change because bitcoin is now in a bull market.”
It would seem that the BTC whales are back in the seas, and the BTC wave this April is no mistake regardless of today’s decline.