Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why
29 Luglio 2021 - 1:00AM
NEWSBTC
Fast Money trader Brian Kelly was on the show recently to talk
about Bitcoin’s recent price surge. The surge which had happened at
the end of the weekend had seen the price of Bitcoin rise over 10%
to surpass $39,000, gaining over $4,000 within a day. Brian Kelly
agreed with show host Melissa Lee saying that the short-covering
contributed to the price surge. Kelly explained that a high number
of short coverings around the asset saw the price shooting up as
the weekend drew to a close. A lot of factors have been speculated
to have given rise to the price spike. Related Reading
| Bitcoin To Reach New All-Time Highs, Market Strategist
Rumors of Amazon integrating Bitcoin on its platform had been the
front-running theory behind the price spike. But Kelly explained
that the rumors were only part of the reason that the digital asset
had seen significant movement. Outlining other factors that
contributed to the rally. Catalyst For Price Spike Brian Kelly
addressed the speculations of the Amazon news being the main
catalyst for Bitcoin’s price surge. Kelly explained that the Amazon
news had been out in the market about a week before the momentum
picked up. According to Kelly, the high amount of shorts coupled
with the news of Amazon and Tether’s news led to a “big short
squeeze” as the weekend drew to a close, which is when the market
is usually less liquid than usual. BTC price breaks $40,000 for the
first time in over a month | Source: BTCUSD on TradingView.com The
short squeeze had seen over $1 trillion shorts liquidated in a
matter of 24 hours as the price surged. With Bitcoin contributing
over 70% of this amount, seeing over $800 million shorts liquidated
in the same period of time. Following the short squeeze has been a
bounce-back of the trading volume and volatility levels of Bitcoin,
which had been trending at yearly lows for about a month. The
digital asset has since picked up momentum and the market seems
determined to ride out this wave for as long as possible. Still
Bullish On Bitcoin Kelly responded to a question regarding the
price of the asset bouncing back before reaching $40,000. Saying
that the bounce had come as no surprise. Kelly personally remains
bullish on bitcoin. “The real game here is whether or not it is
going to be adopted as an institutional asset,” Kelly said. “And I
don’t see anything that has changed my mind on that.” Continuing
on, Kelly added the decision of the federal bank and federal
reserve to keep printing money could be a determining factor. To
which Kelly said, “By my score, I don’t see how they cannot
continue to print.” Related Reading | Bitcoin Price Drops
$1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors
The rate at which the Fed prints fiat money continues to be a
concern for investors. This could lead to inflation if the amount
of paper money being printed is not controlled. To this end,
Bitcoin becomes an attractive asset for investors who are worried
about inflation. Given the limited supply of the asset, there is
simply no way for an individual or government to print or make more
coins. Hence, fighting inflation. Bitcoin continues to see bullish
movement. At the time of this writing, the asset price has now
broken $40,000 and continues to trend upward. Featured image from
NBC News, chart from TradingView.com
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