CNBC’s Brian Kelly Not Seeing a ‘Huge Upside' Coming Yet as Bitcoin Takes off to $8,900

  • Crypto space is a special place where logic and reason are suspended,” Mati Greenspan, founder of Quantum Economics
  • There’s a huge upside for Bitcoin but “maybe just not tomorrow”,  Brian Kelly, founder & CEO of BKCM
  • US-Iran tensions and the launch of CME Bitcoin Options are the “strong catalysts driving an eruption in bitcoin”

In a sudden burst of bulls, Bitcoin price yesterday went from below $8,100 to $8,900 on Bitstamp, seeing an increase of 10%. Trading volume also surged, recording nearly $2 billion after a long time.

Currently, BTC/USD is trading at $8,770 while $1.45 billion worth of bitcoin exchanged hands on top ten exchanges with real volume.

Altcoins meanwhile are still going strong with BSV now at 4th spot making a new all-time high at $439. With 47% gains, Dash is enjoying a bull ride along with ETC which is up 27%.

Bitcoin Cash, ETC, ZEC, BAT, are up 20% while Ethereum, ESO, BNB, TRX, XLM, NEO, IOT, ONT are recording double-digit gains as well.

Source: Coin360

The market is going insane with the greens but “I like to think of the crypto space as a special place where logic and reason are suspended,” said Mati Greenspan, founder of Quantum Economics in his daily newsletter.

A Huge Upside for BTC but not in the Near Future

Bitcoin is inching closer to $10,000 after 2019’s over 80% increment. This, however, is not a comeback but Bitcoin being Bitcoin, said Brian Kelly, founder & CEO of BKCM LLC, a digital currency investment firm.

“It does that every several years. Look at the market, it’s a very typical move for bitcoin,” said Kelly adding the world’s leading cryptocurrency is continuing the momentum from last year.

The price was actually mispriced because while the underlying fundamental, the address growth, was growing the price was declining. “That's buy signal,” explained Kelly.

But now exactly the opposite is happening, with the price going a bit ahead of address growth. According to Kelly, there’s a huge upside for Bitcoin but “maybe just not tomorrow.”

$15,000 to $16,000 a “Reasonable Target” for 2020

Bitcoin is up about 20% to date in 2020, which is the best start to a year since 2012. It all started when Iran's uncertainty drove BTC higher just like gold.

US-Iran tensions combined with the launch of CME bitcoin options, are the “strong catalysts driving an eruption in bitcoin and even adding heat to the struggling top 100 alt coins,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain startups told CNBC. He added,

“While sentiment still drives waves of volatility, we are seeing increasing institutional volume anchoring the market.”

We also have bitcoin reward halving coming up in May 2020. But the market is divided between those who believe the event is already priced-in and those who don’t. Vijay Ayyar, head of Asia for cryptocurrency exchange Luno, said,

“I would conjecture most normal people are unaware of it, and when the price starts running, the masses will come in as we’ve seen before. This is slated to happen in May 2020. So any price increase as we’re seeing, people have an eye on May for sure.”

He added that a $15,000 to $16,000 price on bitcoin is a “reasonable target” by year-end.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,837.7585 change ~ 1.59%

Coin Market Cap

$218.45 Billion

24 Hour Volume

$6.19 Billion

24 Hour VWAP

$11.78 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Deregulating Bitcoin May Increase Speculative Trading Instead of Technical Innovation: Japan’s New Top Financial Regulator

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting...

Goldman Sachs New Digital Asset Manager Reveals Plans to Bring A ‘Digital Token' to the Bank

U.S. financial giant Goldman Sachs is pushing forward its plans to launch a digital asset with the appointment of its new digital asset...

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Grayscale Investments has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) on behalf of its Ethereum...

Florida Teenager Behind the Infamous Crypto Twitter Hack Pleads Not Guilty to 30 Counts of Fraud

Graham Ivan Clark, the 17-year old Florida teenager accused of being the main culprit of the most significant privacy breach in Twitter’s history, has...

Bitmain’s Management Feud Is Finally Affecting Business Operations; AntMiners Shipments Delayed

Bitmain’s top-level struggles cause a three-month delay in Antminer hardware. Two mutually exclusive solutions offered to customers. The constant wrangling within the largest Bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today