Bitcoin bulls are back? Brian Kelly weighs


As reported by Ethereum World News, the cryptocurrency market has undergone a striking break in the last 24 hours, with a majority of assets that posted gains of more than 6-7%. At the time of writing, Bitcoin stood at $ 6,400 after a short step above the $ 6,500 line, while most of the altcoin saw an upward return of 5%. Some altcoins, like Nano, have had an amazing day, with bulls raising the price of cryptocurrency by 25% or more.

Although the cryptocurrency market may have been on thin ice before this recovery, the ice is not as thin now, with Bitcoin laying down support lines at the highest lows.

On Wednesday, the "Fast Money" segment of Bria covered this recovery, with Brian Kelly, the crypt analyst at CNBC, doing its best to reason a strong rebound on the market.

Kelly opened his section defining the action of market prices a "wild ride" alluding to the trials and tribulations that the market has faced in recent weeks. The analyst continued to draw attention to the performance of BTC before, during and after the expiration of CBoE-based Bitcoin futures. According to the statistics that CNBC attributed to Justin Stanislaw, Bitcoin often hurts in the days before the expiration date, but sees a 10% change in the upward trend in the week following the maturity of the futures.

Comparing today's deadline to a similar event, Kelly noted that after the April futures maturity, Bitcoin saw a 20% gain in just 6 days. Although I do not state it explicitly, it is clear that the founder of the cryptocentric fund BKCM expects Bitcoin to continue to experience positive price actions in the coming days

To add fuel to the metaphorical confident flame, Kelly, who became an almost infamous permabull, he added that Bitcoin could suffer a brief compression, since the courts cover their losses in this potential trend reversal.

This sentiment raised a question from other panelists of the CNBC, who asked if "these other cryptocurrencies" will end up with Bitcoin. Kelly answered, stating:

They (altcoin) are still quite related (with Bitcoin). In the last 60 days or so, Bitcoin was really the leader – a lot of what it had to do with speculation about an ETF. But what you saw today is stuff like Ethereum almost 10% off yesterday's lows, things like Stellar Lumens – which still hold up pretty well. So yes, if you get a 10 or 15 percent run on Bitcoin with a short compression, it should report everything else.

So, as is normal, it is likely that if Bitcoin is running, so will the majority of altcins, albeit with some variation in the bullish or bearish direction.

However, some have had their doubts, including CNBC trader Dan Nathan, who questioned Kelly about whether the market capitulation phase has "sold out". a bit on its head, the cryptocurrant bull has noticed that $ 5,900 can prove to be a level of support if a sell-off continues. Nonetheless, it seems that with this episode of CNBC's Fast Money passing, Kelly remains confident as ever.

While some were ready to launch the positive price action on Wednesday, calling it a classic trap, there are some optimists who are convinced that this may be the beginning of the end of the crypto-bears.

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