CNBC Analyst: 2-Year Worst Week in Bitcoin is Coming! These Levels Will Be Seen
CNBC analyst Brian Kelly says anyone who wants to buy Bitcoins after the big rally in 2020 should consider slowing down their plans. The analyst warns Bitcoin investors of a major price drop.
Brian Kelly: Be careful! Bitcoin could drop to $ 12,000 now
BKCM CEO Brian Kelly states that the Bitcoin price will rise significantly in the long run, but now anyone who wants to enter the market must be prepared for a $ 12,000 drawdown. Brian Kelly adds the following to his comments on the subject:
LET’S SPEAK UP, I AM STILL A BITCOIN BULL. IN THE LONG TERM, I WILL BE A BULL FOR THE NEXT 10 YEARS. BUT IF I TAKE OFF THE LONG-TERM INVESTOR’S HAT AND I WROTE MY TRADE HAT, THERE ARE A FEW THINGS THAT I HAVE STARTED TO SEE THAT IT IS THE SIGN OF A HILL. BITCOIN IS MORE THAN ANY OTHER CLASS OF ASSETS IN THE WORLD, SUBJECT TO THE FEAR OF LOST (FOMO). WE BEGIN TO SEE SPECULATIVE CRYPTO COINS. COINS UNDER 5 DOLLARS BEGIN TO INCREASE 30% OR 40% IN ONE DAY. THESE ARE THE KIND OF THINGS HAPPENED AT SHORT AND MEDIUM-TERM SUMMITS. LOOKING AT THE ADDRESS GROWTH, IT IS EVERYTHING THAT THE MARKET IS PRICED WITH A GROSS ADDRESS GROWTH OF 25% IN THE PREVIOUS 30 DAYS. WHEN YOU SEE AN ADDRESS GROWTH SUCH LARGE THIS IS A WARNING SIGN. FINALLY, WE BEGIN TO SEE WHAT INDIVIDUAL INVESTORS ENTER IN THIS MARKET AND YOU ARE BEGINNING TO SEE THAT THE INTEREST RATES APPLIED FOR THE MARGIN ARE MUCH HIGHER. SO THESE ARE ALL THE SIGNS THAT INDICATE A DECREASE IN BITCOIN TO I THINK. EARLY OF THIS YEAR, I HAVE TOLD THAT BITCOIN WILL RISE UP TO 50,000 DOLLARS IN ONE YEAR. I STILL THINK THAT IS THE SITUATION, BUT IF YOU PURCHASE BITCOIN FOR US $ 19,000, YOU SHOULD BE PREPARED TO DROP TO 12,000 DOLLAR BEFORE RISING TO 50,000 DOLLARS. THEREFORE, I WATCH OUT OF ANY ASSET WHICH INCREASED BY ALMOST 200% IN A YEAR.
Brian Kelly: My company is out of some long positions in Bitcoin
Brian Kelly said that his fund has come out of some long positions in Bitcoin in anticipation of a correction. Brian Kelly adds the following to his comments on the subject:
INVESTORS WHO WANT TO ENTER THE MARKET OR INCREASE THEIR POSITION IN BITCOIN SHOULD PAY HALF OF THE MONEY WHICH WANT TO PUT THE BEST CRYPTO MONEY AND THEN WILL HAVE A HEALTHY DOWNLOAD. FOR THE FUND, WE HAVE LESS BITCOIN THIS WEEK COMPARED TO TWO OR THREE WEEKS BEFORE. WE WILL ALWAYS HAVE A BASIC POSITION, BUT YOU CAN TRADE AROUND IT. IF YOU ARE A LONG-TERM INVESTOR AND TELL YOU THAT YOU WANT TO BUY A LOT OF BITCOIN, I THINK IT WILL INCREASE TO $ 50,000. YOU CAN BUY MAYBE HALF HERE. WAIT TO BE WITHDRAWAL. EXPECT ONE OF THE TIME WE SAY BITCOIN HAS BEEN THE WORST WEEK IN TWO YEARS. THAT WILL BE THAT DAY THAT YOU WANT TO BUY THE OTHER HALF.