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CNBC’s Brian Kelly says he believes Bitcoin is ready to once again surprise the naysayers and begin a blistering parabolic bull run.
In a new interview on Fast Money, Kelly points to the recent BTC halving, which cut the rate of new supply entering the market in half, as a prime reason Bitcoin is set to outperform gold amid the shaky global economy.
“For me, it’s going to be Bitcoin. You might say I’m biased because I run a crypto fund, but that’s not it. I also trade macro, which means I have a whole bunch of different things I can invest in: currencies, stock, bonds, precious metals. And when I look at precious metals versus Bitcoin, Bitcoin has better fundamentals.
And with fundamentals, I’m talking about the stock-to-flow ratio. It’s better than gold at this point because we had the halving, and when I look at the Bitcoin cycles, the bull markets tend to cluster around the halvings.”
Kelly says he thinks Bitcoin is on track to return to its all-time high of $20,000 within six months, with $50,000 coming next year.
In the same time frame, he doubts gold will double in value.
“So we’re tracking right along the 2016 halving cycle and that would imply that sometime in Q2 2021, you’re looking at a Bitcoin price of $50,000. So that’s kind of the long-term target. And in the shorter term, $10,500 was a really big number.
We’re breaking out of a two-year range. It would not surprise me, this is just pure trading 101, once you break out of a range, [an asset] goes to prior highs. That’s $20,000. To me, I think that’s three to six months down the road. So Bitcoin looks like it could go two to five times higher.”
When pressed on why he’s overly bullish, with many sky-high Bitcoin predictions failing to materialize in the past, Kelly said he believes his forecast fits right in with Bitcoin’s prior price history.
“What we know about Bitcoin is it’s extremely volatile. It’s highly speculative, and when it goes on these speculative runs, it goes a lot further than people expect.
So I don’t think saying $20,000 is that outrageous when it’s already been there. You might question me on the $50,000, but that’s a year from now.”
In other trending Bitcoin News today:
Ethereum Rockets 50% in 5-Year Anniversary Month: What’s Behind the ETH Rally?
The Ethereum price has seen strong momentum in July. Since the start of the month, ETH has climbed by 50% from $225.5 to $340 on Coinbase.
It coincides with a five-year anniversary for the dominant smart contracts blockchain protocol.
There appear to be two key factors fueling the rally of ETH.
First, the anticipation of the market towards ETH 2.0 has been continuously building.
Second, the explosive growth of the decentralized finance (DeFi) market has upheld the momentum of Ethereum.
In mid-June, DeFi platform Compound essentially kickstarted the phenomenon called “yield farming.”
Ethereum users would flock to DeFi platforms providing the highest incentives, trying to obtain the highest yield possible.
Since then, several major DeFi platforms have emerged. According to Defipulse.com, Aave, Balancer, and Curve Finance have $482 million, $291 million, and $263 million locked in, respectively.
Consequently, the total value locked in the DeFi space has increased to $3.94 billion.
It is up by more than three-fold since the beginning of June.
The upward trajectory of the DeFi market could positively affect Ethereum for various reasons.
The most prominent factor is its usage as gas.
When users clog the Ethereum blockchain with many transactions, ETH is needed to pay transaction fees or “gas.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$COMP appears to be in a great position for a potential turnaround, according to the real-time metrics we’re seeing on Sanbase PRO. Track the chart to see the bullish developments for:1. DAA2. Network growth3. Transaction volume
4. Social volumehttps://t.co/4EleYExoKL pic.twitter.com/ZXWesq0hNQ
— Santiment (@santimentfeed) July 30, 2020
https://cointelegraph.com/news/ether-rockets-50-in-5-year-anniversary-month-whats-behind-the-rally
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