Categories: Bitcoin Business

Brian Kelly Is Short-Term Bearish but Sees ‘Generational Opp’ in Bitcoin

Click here to view original web page at
Brian Kelly is bearish on the bitcoin price in the short term but believes there is a generational buying opportunity coming in BTC/USD. | Source: CNBC/YouTube

By CCN Markets: The bitcoin price might have broken back above the $10,000 level today, but one notable trader isn’t impressed. Speaking on CNBC, crypto investor Brian Kelly, who is usually the biggest bitcoin bull in the room, made it clear that he has turned bearish on BTC/USD despite its recent bounce. Longer-term, however, Kelly still believes there is a “generational buying opportunity” coming in bitcoin. But he doesn’t see it just yet.

#Bitcoin is back above $10k, but @BKBrianKelly is feeling a little bearish. Here's why.

Brian Kelly Still Sees Bitcoin Price Rising Above $20,000

Brian Kelly is famous for his bold predictions on CNBC and most recently made several claims that the bitcoin price was likely to move higher than $20,000. With a focus on cycles and network activity, there has been plenty for the crypto investor to be excited about in the last few months.

Even evangelists like Kelly have to admit that BTC/USD has struggled immensely since hitting its yearly peak close to $13,000. While the initial drop was likely due to overbought technical conditions, brighter risk appetite appeared to remove the perceived "safe haven" driver behind its recent rally.

Grayscale Notes More Than 100,000 Merchants Now Accept Bitcoin

One of the fundamental arguments behind the positive long-term forecasts of many bitcoin bulls (including Brian Kelly usually) is the trend of increasing adoption. Crypto investment firm Grayscale noted in a recent tweet that there are now more than 100,00 merchants that accept BTC and 7.1 million users worldwide.

More than 100,000 merchants and organizations
worldwide now take payment in #Bitcoin. Try using #gold to make your next purchase and see how far that gets you.

— Grayscale (@GrayscaleInvest) August 22, 2019

As adoption increases, supply limitations are a prominent bullish factor for the bitcoin price. The upcoming halving in 2020 is a hotly anticipated event and has the potential to be very beneficial to the price if many analyst claims are to be believed. Factor in Brian Kelly’s comments about miners hoarding BTC and the potential for a supply shock is evident.

BTC/USD Barely Holding Onto $10,000 Handle

The bitcoin price bounced above $10,000 on Thursday, but CNBC's Brian Kelly is now bearish. | Source: TradingView

Looking at the technical chart, BTC/USD may be finding some support from investors buying the dip below the psychological level at $10,000. In the medium term, the $9,000 price may be the most critical support, beneath which the bullish trend will be called sharply into question.

This article is protected by copyright laws and is owned by CCN Markets.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

3 hours ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

4 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

4 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

4 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

4 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More