Brian Kelly claims that the price surge of bitcoin is contra expectation for a long bull market, as the Bitcoin (BTC) price grow more than 20% from the start of 2020. In the meantime, cryptocurrencies continually experience huge price growths having the total market capitalization acquiring additional $20 billion in the last trading day as per the reports in the bitcoin latest news.
CNBC’ resident ‘crypto expert’ claims that the current Bitcoin (BTC) price growth could not be an indication of a long bullish market. Showing on Fast Money the show of CNBC on Tuesday, January the 14th of 2020, the CEO of cryptocurrency trading company BKCM stated that he would not call the price rally at the moment a “comeback” for the first and the best cryptocurrency in the world.
Instead, Brian Kelly thinks that the current Bitcoin (BTC) growth is a continuation of the performance from 2019. The previous year, the Bitcoin (BTC) price gained over 80% which makes it the best performing asset for the previous year. But, Brian Kelly claims that the 2020 Bitcoin (BTC) price growth is guiding the growth of the market fundamentals, particularly in regards to growth. According to the BKCM’s CEO, Bitcoin (BTC) price movement lagged the address growth in the previous year.
Commenting on the change in 2020, Kelly said:
“When an asset goes straight up, that means a lot of the news is ‘priced in.’ I think there is a huge upside for bitcoin, maybe just not tomorrow.”
As reported in previous times by DC Forecast, the Bitcoin (BTC) price momentum at this time is leading growth across the cryptocurrency market. But the first cryptocurrency in the world has been unable to remain above the resistance level of $8,800 consequently stopping any movement in the direction of the $10,000 milestone. Brian Kelly is not alone in the forecasts for a bearish trend in the near future for Bitcoin (BTC). In December of 2019, the well-known commodity trader Peter Brandt predicted that the Bitcoin (BTC) was on its way to extend to $100,000 however, the road to that important price tag could bring periods of meaningful price drops.
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