[2019-04-12] Bitcoin (BTC) Will Hit $20,000 Again “Without Question”: CNBC’s

[cybersofts]

Bitcoin (BTC) Will Hit $20,000 Again “Without Question”: CNBC’s Brian Kelly




Bitcoin To See New Highs Over Next Two Year Cycle

For over eight days now, Bitcoin (BTC) has held a steady uptrend. While last Tuesday’s move accounted for most of the past week’s gains, the crypto market has managed to continue up-and-up day-over-day, as buyers have continued to flood the market. And this, along with an array of other factors, has investors bullish across the board.

CNBC “Fast Money” recently hosted Brian Kelly, the chief executive of BKCM, in a bid to glean insight about what’s next for cryptocurrencies, specifically price-wise. Kelly, a somewhat notorious CNBC contributor (he has been slammed for shilling XRP at a few points), explained that Bitcoin’s recent move above and beyond $5,000 is actually a resurgence, adding that there’s a rapidly growing chance that December’s $3,150 low was likely it for this bear cycle.

    Bitcoin is up more than 30% this month and @BKBrianKelly says it could hit new highs by this date… pic.twitter.com/afC58AqIGW
    — CNBC's Fast Money (@CNBCFastMoney) April 10, 2019

Backing this call, the cryptocurrency investor looks to the number of active addresses, a number which he sees as a clear fundamental signal of Bitcoin’s strength. This figure, per Kelly, is up 26% since January, all while transaction numbers and hash rate have exploded.

This isn’t the only thing going for BTC and other cryptocurrencies at the moment though, as the BKCM head goes on to mention the fact that institutions are still loading their bags, so to speak. He specifically looks to the recent launch of Fidelity Investments’ institutional-centric platform, coupled with the recent record highs seen on the CME Bitcoin futures contract to further bring credence to his point.

This led him to the conclusion that in the coming two years, Bitcoin will, “without question,” see new highs over the next cycle. The block reward halving, in Kelly’s eyes, will be a big marker for this move.


BTC Moving To $6,000 Likely In Short-Term

This comes after he called for BTC to push to $6,000 in the short-term. Kelly opined that “sentiment has shifted here (with the recent move),” touching on the euphoria that this industry has begun to witness. He adds that per his company’s analysis, which weighs fundamentals, technicals, and ‘quantamentals’, it is clear that the bottoming process in the crypto market is likely well in the works. In fact, he explains that “high net-worth individuals, family offices, are starting to take a serious interest” in Bitcoin, all as custody solutions have propped up, volumes have spiked, and short sellers looking to cover their rear ends — presenting a strong case for a further rally. And with that, he concluded that a “reasonable target” for the ongoing rally, which has strecthed out for six weeks now, would be “$6,000.”

And Kelly’s fellow CNBC contributors are similarly as bullish. Tom Lee, for instance, claimed that with “old whale wallets buying Bitcoin” and a “lot of positive things taking place” in the industry, $14,000 might just be a fair valuation for Bitcoin.

This, of course, is mildly irrational, especially considering market cycles and what have you, but by and large, analysts seem crazy bullish.


Reference: https://ethereumworldnews.com/bitcoin-hit-20000-again-cnbc-brian-kelly/

[anu1908]

hmm, cnbc is usually used for counter indicator in trading though, does this mean bitcoin will face another correction soon? seems like so, as it falls to $5k mark after it rallies up to $5.3k yesterday.

while i doubt the validity of this so called 'analysis', i believe traders will use this as a counter indicator like previously happened. anyway, the halving is again mentioned as key point in bitcoin price movement.

[bbc.reporter]

@anu1908. A market dump begun, I reckon shortly after he made that announcement. Agreed that Tom Lee or other experts like Brian Kelly might be good counterindicators, however, they might be more cunning than we thought. They might be dumping while encouraging everyone to buy.

[senin]

Bitcoin is really showing good results since the beginning of April. However, it’s still a bit early to say that this is already a steady trend, although it does seem like a steady rise in the cryptocurrency market. Therefore, of course, if we take into account that the market is rising, we can make a tentative conclusion that in the next few years Bitcoin will again reach its previous price record of $ 20,000. At the same time, of course, one should not hope for such a rise in prices this year.

[Kakmakr]

How strange is this phenomenon that with every slight recovery in the price, CNBC starts to publish positive articles about Bitcoin, but when Bitcoin is struggling it tries to bombard it with negative articles. I think they are playing the audience with " We told you so, first " strategies to get some more viewers for their platform.

I am very sceptic when mass media suddenly starts to comment positively on Bitcoin, because they always have a hidden agenda. <The puppet masters behind the scene, might secretly be buying or selling behind the scenes.> 

[LeGaulois]

When the CNBC says something regarding Bitcoin, do the opposite.
The subliminal message in this article is that users should be ready for a correction in the next coming days or weeks. Bookmark the OP and come back the next month to see. You should consider the recent rise as temporary.

[Kemarit]

When the CNBC says something regarding Bitcoin, do the opposite.
The subliminal message in this article is that users should be ready for a correction in the next coming days or weeks. Bookmark the OP and come back the next month to see. You should consider the recent rise as temporary.

Exactly, that's why I was quite surprised to see CNBC being bullish about Bitcoin. . I can't remember but there was one twitter account who says that CNBC is a contra-indicators. And just looking at the market today, it proves that CNBC is still on point. LOL. We broke $5300 but correction occurs, the price seems to hover above $5000 though, and thanks to CNBC. 

[BitHodler]

I rather follow Tom Lee's predictions than Brian Kelly's predictions. People shouldn't forget that he and the rest of the clowns over at CNBC hardcore shilled Bcash at the very beginning.

They stopped shilling it the moment they realized it couldn't harm Bitcoin and then actually referred to it as Bcash. After that they were shilling XRP, and now it's waiting for what coin is next on their list.

No one but a few skeptics ever doubted about Bitcoin reaching its previous all time highs, we don't need that clown to repeat this. CNBC and Bloomberg aren't better than CoinIdol in my opinion.

[Slow death]

just this year he already said this:

Crypto Analyst Brian Kelly: ‘No Shot’ for Bitcoin ETF in 2019

Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued

he said that:

It wouldn't surprise me if it [Bitcoin’s price] went to $1,500.

and the price increased and then he says this:

Brian Kelly Says Next Target for Bitcoin is $6,000, With Crypto Markets Bottoming

[gentlemand]

The shitcoins are the ones I'm really interested in observing. Despite almost all of them achieving nothing other than ruin, the slightest uptick and there they all are flexing quietly.

You'd think crypto winter would give them time to crack on with actual development and come up with some real world marvels. I'm struggling to find anything of that nature. You at least expect something to pump that is new and shiny, not the same old shite that was just as empty and useless last time around.

[bbc.reporter]

@Slow death. Brian Kelly, similar to all other cryptotrading influencers in social media, manipulate everyone and try to make them to do the wrong trades. They hype, they scare and trick their followers when to buy or sell.

[bitcoinisbest]

@anu1908. A market dump begun, I reckon shortly after he made that announcement. Agreed that Tom Lee or other experts like Brian Kelly might be good counterindicators, however, they might be more cunning than we thought. They might be dumping while encouraging everyone to buy.

It could be possible that they know people might follow what they say and will lead to high rise sin demand and lead to price rise based on their prediction and then they may sell of their some positions at high prices and make more money just by giving the statements.

[Lucius]

Brian Kelly is far away from some crypto expert, same as Tom Lee or similar persons. They exist only for themselves and their own interests, which has been shown countless times when they advice others to do something, but quite the opposite happened.

I just read some comments on Brian Kelly tweet :

https://twitter.com/CNBCFastMoney/status/1116099739173494784

He's a permabull. Long term i have faith but goddamn everytime he opens his mouth it pulls back. Almost never fails.

It's a shame you never inform your audience about the real ultimate free markets platform. You are taking money from your audiences pocket guys, it's wrong!

After that they were shilling XRP, and now it's waiting for what coin is next on their list.

[1Referee]

You'd think crypto winter would give them time to crack on with actual development and come up with some real world marvels. I'm struggling to find anything of that nature. You at least expect something to pump that is new and shiny, not the same old shite that was just as empty and useless last time around.

If they haven't been able to deliver during the bull run, which is the most financially incentivizing time frame to have developers work, chances are there won't be any development during a bear market, where the funds of the projects are running out fast.

The shitty nature of this market is that people have figured out that shitcoin prices go up harder than Bitcoin's price during a bull run, therefore parking funds in Bitcoin is the least interesting option for them. Bitcoin's base pairs against shitcoins are donating free pumps and dumps to those who want to bank on it. Bitcoin isn't going anywhere, and its price will keep pumping, so will most shitcoins do.

It's not all that bad though, the more shitcoins there are, the more demand there is for Bitcoin, because that's what you need to buy and trade them. If the IEO hype takes off, which I think it will with some more positive momentum, Bitcoin will be pumped through the roof just as hard as it did back in 2017.

[coolcoinz]

@anu1908. A market dump begun, I reckon shortly after he made that announcement. Agreed that Tom Lee or other experts like Brian Kelly might be good counterindicators, however, they might be more cunning than we thought. They might be dumping while encouraging everyone to buy.

What market dump are you talking about? $200 down and people are already screaming "dump". If this is a dump, how would you describe a $500 loss, is that a big dump? $1000 is a great dump, and $2k (like that drop from 5k to 3k) is a humongous dump.

As for Brian Kelly, here's a nice piece about him.

If there's one 'crypto analyst' who's especially prominent and virtually always wrong, it's Brian Kelly. The founder and CEO of digital-asset investment firm BKCM LLC, Brian Kelly has generally been CNBC's go-to expert whenever it has wanted to run a story on crypto’s latest goings-on.
For example, on July 24 he predicted that Bitcoin's recent rally from around USD 6,200 to USD 8,000 would continue, with CNBC reporting, "The bitcoin rally is underway and crypto trader Brian Kelly said the digital coin will likely continue to appreciate in value." Sadly, this was wrong: after rising to about USD 8,200 on July 25, Bitcoin began sinking at the end of the month, plunging to just under USD 6,000 on August 14.
In April, Kelly predicted that Q2 2018 would see Bitcoin recover from its poor first quarter of the year, which had seen Bitcoin drop from USD 14,000 on Jan. 1 to USD 7,000 on Mar. 31. "Q2 is always good for Bitcoin," he said confidently. Was he right? Um, no: BTC was down at the end of Q2 compared to the end of Q1, from USD 7,000 to USD 6,350 (on June 31).
Bringing this tour of Brian Kelly's (many) mistakes to a premature end, the crypto maestro predicted on February 20 that Bitcoin would surge "even higher" than USD 12,000. Its price was at USD 11,500 when he made his prediction, but it then sank down to USD 9,500 by February 25, before reaching USD 11,600 on March 4 and falling again, to USD 7,400 by Mar. 18.
https://cryptonews.com/exclusives/reading-crypto-price-forecast-take-it-with-a-large-grain-of-2726.htm

[rodel caling]

It is great news and analysis, definitely I agree for this news we need to hold hand for this and 20,000$ reach again is very possible because i still believe bear market well end.