Brian Kelly, the founder of the cryptocurrency investment company BKCM, believes that the bitcoin rate does not correspond to fundamental factors and will return to growth.
Kelly made his comments during CNBC’s Fast Money program. Then the rate of the first cryptocurrency was about $ 36,200, and now BTC is traded for about $ 39,000. According to the investor, bitcoin has either already pushed off the low point of its correction, or may find a “bottom” in the near future.
“When analyzing bitcoin, you need to pay attention to the state of the network and the rate of growth of wallets. For me, one of the key characteristics is how quickly the number of addresses grows compared to expectations. Now the graphs are flat, but earlier it was expected that the growth of addresses would fall by 20%.
There hasn’t been such a discrepancy since March 2020. Bitcoin is undervalued and this is a sign that we have already bounced off the bottom. Again, in March 2020, BTC cost $ 3,500 and soared above $ 60,000. Now we are seeing a very similar situation, fundamental factors speak of growth, ”the analyst said.
Kelly has increased his own investments in cryptocurrency funds, as he sees this as a good opportunity to earn money. Analyst-managed funds are gaining “long” positions and are waiting for the growth of the first cryptocurrency.
Earlier, JPMorgan bank analyst Nikolaos Panigirtzoglou expressed the opinion that bitcoin may decline further and reach $ 24,000, but then rise to $ 145,000.
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