Bitcoin is up more then 30% and could hit new all time high - Crypto Fund Manager Brain Kelly
Bitcoin made a big come back and it is at its highest level since November 2018. After crashing to almost $3000 in December 2018, It pumped to around $5500 this month.
In an Interview on CNBC, the crypto fund manager Brian Kelly shared his view on bitcoin future. He said $3000 was probably the lowest for this cycle for bitcoin. According to him, Bitcoin resurgence driving factors are Improving fundamentals of Bitcoin, Active bitcoin addresses grown up by 26% since January 2019 and bitcoin transactions levels are back to the level for 2017, when they were highest.
Large open interest in CME Bitcoin futures and growing interest of institution investors are also the important factors for this rally. Last week, we have seen a record volume on CME Future as well.
According to the Brian Kelly, We may see a new all time high within next two years. In 2020, bitcoin production halving coming up and the supply of bitcoin will cut off to 50%. And we are likely to see a big swing upside, one year before and after the bitcoin halving.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.