With a bitcoin resurgence that became obvious last week, the question on the lips of enthusiasts has moved from “is bitcoin dead?” to “how high will bitcoin go?”. In bitcoin news now, we continue to sample the opinions of respected figures in the cryptocurrency community about the recent bitcoin bull run.
Brian Kelly, the chief executive of BKCM and regular contributor on CNBC said yesterday that bitcoin price was on route to record highs, though the could take a process and some time.
BTC price will reach All-time highs in 2 years
Speaking on CNBC’s “Fast Money” show, Kelly joined a host of investors and analysts who have taken a bullish stance towards bitcoin and the cryptocurrency market as a whole. He explained that bitcoin which was up around 30 percent this month is trading a path that would eventually see it reach or surpass $20,000.
“[bitcoin] would definitely surpass all-time highs,” he told panelists at the show reeling out a number of “networked” indicators that proved bitcoin is on a 2-year bullish cycle.
More Bitcoin Wallets are Active
The number of active bitcoin addresses has increased by 26 percent since the start of the year. This metric, which Kelly says he watches regularly, is a sign that traders are bullish on bitcoin and price is set to continue upwards. This could also be a sign that whales and other dormant investors are beginning to accumulate BTC again. He noted also that transaction levels were back to 2017 levels.
Institutional Investors are Buying Bitcoin
Citing the involvement of Fidelity in the crypto market, Kelly said that institutional investors are stocking bitcoins and other cryptocurrencies. He also pointed to the recent record volumes for bitcoin futures on CME as proof that the institutional interest in cryptocurrency is at its peak. It an industry-wide sentiment that the more involvement of institutional investors in crypto markets will lead to the next bull cycle.
Bitcoin Supply Will Reduce by 2020
Kelly added that the supply of bitcoin a set to reduce next year due to “bitcoin halving”. This means that block mining will be halved, reducing supply and increasing price in the process.
Bitcoin Price Today / USD
At the time of writing, Bitcoin (BTC) is trading at $5,063 posting around 4 percent loss from yesterday. The crypto market is currently trading in red as most cryptocurrencies are correcting downward.
Bitcoin Price Prediction 2019
Though bullish long-term, Kelly agreed a realistic target for the current bitcoin surge is around $6,000 in the short term.
As Smartereum reported, other notable cryptocurrency traders and analysts agree that the current bitcoin bull ride is shaping up like the one which led to all-time highs later in 2017. That rally actually began around 2015 but was pronounced in 2017. The current bitcoin bull cycle may just take the same trend.
Share your BTC Predictions
Do you think the BTC price will reach 2017 levels? How soon do you see this happening?
Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.