Bitcoin (BTC) Pullback Is Reportedly On Its Way – The Buying Opportunity Is Ahead
There have been a lot of positive crypto predictions these days despite the fact that the crypto market fell.
BTC’s short-term trajectory is reportedly bearish
CNBC’s resident crypto bull Brian Kelly said that he’s bearish on BTC’s trajectory in the short-term.
During a recent episode of Fast Money, he says again that traders should be tracking the number of active Bitcoin addresses as a leading indicator of where the price may head next.
After a recent decline in the active addresses which Kelly equates to the number of daily active users on more traditional platforms such as Facebook, he said that he believes that Bitcoin will drop even lower in the near future.
The best opportunity for investors to hop on the crypto wagon
Kelly says the dip will represent a special opportunity for investors to enter the market.
“I think the price has gotten a little ahead of itself. That said, there’s going to be a chance here – and we saw it back in December and January of this year – for you to buy Bitcoin. And it’s going to be a generational buy at that point. It’s just not here I don’t think. So in the short term, I’m a little bit cautious.”
— CNBC's Fast Money (@CNBCFastMoney) August 22, 2019
Kelly also pointed out the signs he thinks will show a new upcoming BTC rally.
You can see more of what he had to say in the video above.
BTC rally is reportedly not over
Kelly is not the only voice in the crypto space that believes an upcoming surge is on the way later.
But unlike him who’s saying that BTC will fall soon, Hans Hauge who is an analyst of the amount of BTC that’s sold by long-term holders over time shows that BTC has not reached a top in its current cycle just yet.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.