CNBC’s Brian Kelly Says Bitcoin Price is Rebounding, Bulls Are Coming Back

2018-8-17 09:52

In the last 24 hours, virtual currencies seem to have recovered part of the price lost, and some cryptos such as Bitcoin gained more than $600 dollars in a few hours. Other currencies were also registering important gains, around 6-7%.

During his ‘Fast Money’ segment on CNBC, Brian Kelly explained why the market experienced such a rebound and what will happen in the next days with other virtual currencies.

#Bitcoin bouncing back today, and @BKBrianKelly explains why you should trust this bounce. pic.twitter.com/YhMo3EoSWp

— CNBC's Fast Money (@CNBCFastMoney) August 15, 2018

He mentioned that the last recovery may be related to the CBOE Bitcoin futures. As he said, Bitcoin does not have a good performance during the days before the expiry data, but after it it can even grow up 20% in the next six days following the expiry.

It seems that Mr. Kelly is very excited about the future price of Bitcoin and other virtual currencies. He explained to the audience that altcoins are very correlated with bitcoin. But generally, Bitcoin is the leader.

If Bitcoin starts a bull run, most of the other altcoins would probably follow. The same would happen in a bear market.

But of course, some individuals are a little bit skeptical about Bitcoin resisting at $5,900. However, Kelly remains as bullish as always about the future price of Bitcoin and virtual currencies. Other experts explained that this movement in the market was related to a bull trap rather than a trend reversal for the middle and long term.

Other optimistic enthusiasts believe that this may be the start of a reversal.

At the moment of writing Bitcoin is being traded stable around $6350 dollars. Most of the top 10 virtual currencies are operating close to 0% change during the last day.

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Greater Clarity Needed to Turn the Bearish Market into a Bullish One

In June, Todd Colvin, an analyst at Ambrosino Brothers, mentioned to CNBC’s “Futures Now” that it’s very difficult to be optimistic about the cryptocurrency market in the short term. Uncertainty regarding security and regulations, alongside a lack of accessibility to digital currencies, has resulted in the current bearish crypto market, in Colvin’s opinion.

2018-7-14 12:00


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