Investor Brian Kelly believes a bull market that will last for more than one year has begun for the cryptocurrency market.
In a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says that there are several indicators to be bullish on crypto.
“When we talk about stocks, we talk about the breadth of the market and the breadth widening out to the mid and the small caps, and that’s usually the sign of a healthy bull market. We’re seeing that in crypto right now. So you are rightly bringing up names like Polkadot or Cosmos (Atom) or even Solana…
You’re starting to see the rally broaden out. And most importantly, you’re actually seeing from some of these cryptocurrencies actual things being built on them. So we’re seeing decentralized exchanges getting a lot of activity. We’re seeing decentralized lending and places in the DeFi (decentralized finance) space starting to get a lot of loans going out there and a lot of total value locked.
So all these indicators are telling me that the bull market is broadening, the fundamentals are supportive and I think, again, I think we’re probably in the beginning of this 12 to 18 month bull market, which should spread to the rest of the currencies.”
He also says that the U.S. Securities and Exchange Commission (SEC) approving spot market Bitcoin (BTC) exchange-traded funds (ETFs) could be a sell-the-news event, although he believes Bitcoin will soon rally again as traditional finance starts investing through the ETF vehicle.
“I do think a lot of the speculative fever around the ETF is probably reaching a crescendo this week. So yeah, could we get a sell-off? Sure. But I think that would be a dip to buy, because remember, there are still a lot of people that have not been able to buy Bitcoin for their portfolio. So even a 1%-to-2%, to even 5% allocation in IRAs or for private wealth managers, they’re going to be buying the ETF over the year.”
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- Source: https://dailyhodl.com/2024/01/04/crypto-is-probably-at-the-start-of-a-bull-market-says-investor-brian-kelly-heres-how-long-it-could-last/
