CNBC Crypto Analyst Brian Kelly: Don’t Buy Bitcoin (BTC) When Peaking, Buy It Pre-Bull Market Run
Many originally thought that Bitcoin would be dead and buried in 2019. While some more hardcore fans would take offense in that, it is actually somewhat understandable that some people would think this way. The bear market in 2018 was savage and it burned many investors.
Now, however, the situation has changed. Bitcoin’s rapid movement upward has basically revitalized the interest in the technology this time. Several events have made the prices go up and the crypto market is now more alive than it ever was.
Brian Kelly from CNBC is the latest person to give more insight to its followers about the future of the market, as you can see on CNBC’s Fast Money twitter.
According to him, the fact that Bitcoin went back to its lows was considered a great incentive for several new investors to enter the market. People could use the opening in order to enter with a good chance of profiting.
— CNBC's Fast Money (@CNBCFastMoney) May 21, 2019
Brian Kelly affirmed that many investors are currently wondering what can be the next factor that will drive the market up. Several institutional investors are entering the field right now, what can be seen by companies like Fidelity and the Intercontinental Exchange (ICE) becoming a part of the market with their new projects such as Fidelity Digital Assets and Bakkt.
Even other companies such as TD Ameritrade and Eris X are currently claiming that they may enter the crypto world, so this could boost the market even more between the next three to six months, in Kelly’s opinion.
The expert also talked about how the market was starting to enter a “phase of a supply cut”. In times like this, the supply of BTC starts to diminish in the overall market and this causes prices to rally. This, he affirmed, will be especially important for the price of Bitcoin.
He also affirmed that people should not expect to buy BTC at the top because the prices might be reversed. They should, instead, buy it now that the prices are still below the $8,000 USD mark. At the moment, Bitcoin is being priced at $7,940 USD and it has a market cap of $140.7 billion USD with a volume of $24 billion USD in the last 24 hours.