The bitcoin price has slipped by almost 5.5 percent from its yearly high at $8,388 and could be in for a massive downside correction. But that has not deterred a prominent fund manager from projecting a bullish case for the world’s largest cryptocurrency.
Brian Kelly, the founder of BKCM, LLC, a New York-based digital currency investment firm, said in an interview that bitcoin is ready for another breakout action owing to three three core fundamentals: institutional adoption, retail anticipation, and supply cut. He explained that people were bullish because big financial firms are entering the bitcoin market, retail-level trading applications are looking to be rolled out, and the Bitcoin protocol was about a year away from cutting bitcoin supply in half.
After a more than 50% rally in the last month, Bitcoin is stuck at $8,000. Here's what @BKBrianKelly says could drive it higher. pic.twitter.com/Smxy7v2Pgw
— CNBC's Fast Money (@CNBCFastMoney) May 21, 2019
Factor 1: Fidelity and Wall Street
Bitcoin’s jump above the psychological level of $6,000 took place on May 9, almost over a week after Fidelity Investments announced that it would offer a bitcoin trading service to its institutional clients. The Boston-based asset management firm, which had $2.6 trillion worth of assets under management as of March 2018, expects to pump bitcoin’s demand among the so-called Wall Street investors.
Incidentally, a similar anecdote helped bitcoin sustain its price above $6,000. Garry Tan, a prominent seed investor, said in October 2018 that big investors assumed $6,000-level as an opportunity to purchase bitcoin cheaper. He cited David Swensen and Yale’s Warren Buffet, who had invested an undisclosed sum into two crypto-funds.
The post Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally appeared first on NewsBTC.
Reviewed by Eugene D
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May 26, 2019
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