CNBC’s Brian Kelly Explains Why Bitcoin Is Headed for New All-Time High – CryptoGlobe

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On Wednesday (April 10), Brian Kelly, the founder and CEO of crypto hedge fund BKCM LLC, said that solid fundamentals are behind the “resurgence” of interest in Bitcoin (BTC), and explained why he believes that the Bitcoin price is headed for a new all-time high.

Kelly, on CNBC’s “Fast Money” show, was asked by host Melissa Lee to explain what was behind the price of Bitcoin reaching levels this month that were last seen in November 2018.

Kelly started by saying that there is “a really good chance” that the $3,200 level is the bottom for “this cycle”.

He then went on to talk about Bitcoin’s improving fundamentals:

  • “Active Addresses” (number of active wallets): This is “one of the big metrics” he looks at. This is “up 26% from the January lows.”
  • Transactions are “back to 2017 levels.”
  • Fidelity is busy “rolling out” its “institutional platform.”
  • CME Bitcoin Futures: The number of “large open interest holders” is at an all-time high and “continues to grow.” (Kelly is correct that the CME Group saw “record volume” for its “Bitcoin futures”; according to Bloomberg, “CME Bitcoin futures hit a record 22,542 contracts traded on April 4, equivalent to 112,710 Bitcoin with a notional value of $546 million.”)

Kelly then added:

“So, you are starting to see institutional investors come in here with a good fundamental tailwind, and that’s got Bitcoin back in the saddle again.”

Next, Lee asked Kelly if we will see the Bitcoin price hit “record highs”. Kelly answered without any hesitation:

“Without question, this next cycle… You’re talking a two-year cycle. So, generally speaking, in 2020, the supply of Bitcoin is going to get cut in half [Kelly is referring to the halving of Bitcoin mining rewards]. The cycle for Bitcoin is usually from 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.”

Roughly a week earlier, on April 4, as CryptoGlobe reported, Thomas Lee, a Managing Partner and Head of Research at independent research boutique Fundstrat Global Advisors, was invited to an interview on CNBC’s popular morning news and talk program “Squawk Box” to talk about the Bitcoin rally that started on April 2, and what it could mean for Bitcoin for the remainder of 2019. This is what he said about Bitcoin’s fair value:

“So, if you were to take a combination of active addresses and activity per user, that’s explained over 90% of Bitcoin since 2013. The fair value for Bitcoin, right now, is $14,000.”

Featured Image Credit: Photo via Pexels.com

Source: “bitcoin” – Google News

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