Brian Kelly: Get ready for Bitcoin price to surpass all-time highs

bitcoin prise rise
Brian Kelly on CNBC's Fast Money show

In 2014, Brian Kelly published a book titled The Bitcoin Big Bang’. The years that followed were nothing short of a big bang for early Bitcoin investors, but today he’s revealed he believes another explosive price cycle is imminent.

According to Kelly, the explosive cycle will unfold over the next two years and it will “without question” result in the Bitcoin price surpassing the previous all-time highs of around US$20,000.

“Generally speaking, in 2020 the supply of Bitcoin is going to get cut in half… The cycle for Bitcoin is usually about a year before to a year after, so over this two-year period you will likely get this big upswing, particularly if the institutions come in and I think we surpass all-time highs,” he says.

Now the CEO of investment firm, BKCM LLC, Kelly regularly appears on cable television to discuss cryptocurrencies.

He was discussing the recent Bitcoin price rise on CNCB’s Fast Money show this morning when he made the bold prediction.

“I actually think it is a Bitcoin resurgence, I think there’s a really good chance that the December lows we saw in the 3000’s is probably the lows for this cycle,” he told host Melissa Lee.

Mr Kelly says improving fundamentals and institutional involvement are driving his confidence.

“Active addresses, that’s one of the big metrics I look at, that’s up 26% from the January lows, you look at transaction levels, those are back to 2017 levels, so there’s a lot of network activity.

“Then you look at who’s buying this, you’re seeing people like Fidelity still rolling out their institutional platform and then, as a proxy, look at the CME Bitcoin Futures – the large open interest holders so these are big institutions, those are at all-time highs.

“You’re starting to see institutional investors come in here with a good fundamental tail-wind and that’s got Bitcoin back in the saddle again.”

RELATED: BITCOIN FUTURES RECORD – Trading rockets after $5000 break

Bitcoin is currently averaging around 350,000 transactions per day and earlier this month the Bitcoin blockchain recorded its 400 millionth transaction.

Will altcoins follow the Bitcoin price rise?

It’s bad news if you’re holding altcoins not in the top 20 by market cap according to Kelly.

He’s labelled the 2017 ICO market as “insane”.

“We had a lot of junk out there, a lot of those have gone to zero, I think you’ve separated the wheat from the chaff.

“You’ve got a lot of good altcoins, let’s call them the top 10 or 20 in market cap that I actually think are here to stay and will be big parts of the ecosystem.”

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