The crypto market looks great today with all the coins trading in the green.
Bitcoin is trading at $11,622.99 at the moment of writing this article.
A new BTC bull run is around the corner
CNBC’s Brian Kelly said that he believes Bitcoin is ready to surprise haters by surging straight to the moon in a massive parabolic bull run.
During a new interview on Fast Money, Kelly pointed to Bitcoin’s recent halving that took place back in May which cut the rate of the new supply that’s entering the market as the main reason for which BTC will outperform gold amidst the terribly hit economy.
“For me, it’s going to be Bitcoin. You might say I’m biased because I run a crypto fund, but that’s not it. I also trade macro, which means I have a whole bunch of different things I can invest in: currencies, stock, bonds, precious metals. And when I look at precious metals versus Bitcoin, Bitcoin has better fundamentals,” he said.
Bitcoin is better than gold, Keiser says
He continued and explained that “And with fundamentals, I’m talking about the stock-to-flow ratio. It’s better than gold at this point because we had the halving, and when I look at the Bitcoin cycles, the bull markets tend to cluster around the halvings.”
Gold vs. bitcoin: Both made big moves today but which rally do our traders back? #gold #bitcoin pic.twitter.com/JtslGsJOVM
— CNBC’s Fast Money (@CNBCFastMoney) July 27, 2020
He also said that Bitcoin is definitely on its way to return to its all-time high of $20k in a maximum of 6 months. He believes that Bitcoin will hit $50k in 2021.
He also said the following: “What we know about Bitcoin is it’s extremely volatile. It’s highly speculative, and when it goes on these speculative runs, it goes a lot further than people expect. So I don’t think saying $20,000 is that outrageous when it’s already been there. You might question me on the $50,000, but that’s a year from now.”
There are various optimistic predictions about BTC’s price these days.
