Analyst: Bitcoin Power Players Hoarding Crypto With Major Rally Ahead – BTC, XRP, Ethereum, Litecoin, Stellar Forecasts
CNBC’s bullish crypto analyst and CEO of hedge fund BKCM, Brian Kelly, says miners who are powering the Bitcoin network are now hoarding BTC.
Kelly tells CNBC’s Fast Money that he expects increasing institutional adoption along with the 2020 Bitcoin halving event, which will slow the creation of new BTC, to trigger a new crypto bull run.
“You’re starting to get that long waited for institutional adoption. Fidelity is rolling out institutional custody. They’re getting customers. People, institutions, are starting to buy. Retail anticipation – we saw from TD Ameritrade, they invested in ErisX. They’re going to start opening crypto trading, Bitcoin trading, to their retail customers over the coming months. Perhaps three to six months or so. People are anticipating that.
But the big picture here is we’re starting to enter this cycle where you get a supply cut. Every four years, the supply of Bitcoin gets cut in half. You generally have a rally a year into it and a year out of it. And so we’re just at the beginning of that stage. I’ve talked to a lot of miners around the world. A lot of them have said, ‘We’ve sold enough Bitcoin to get us through the next year or so. We are going to hoard Bitcoin at this point in time. We’re not going to sell it.'”
Kelly is quick to point out how risky crypto investing is, and warns people not to invest too much of their portfolio into the market.
“One last thing I would add, just as a PSA. While we’re down at these levels, please size this appropriately. It’s a risky thing. One to five percent of your portfolio. And when it goes higher and you buy it at the top, don’t tell BK, ‘I bought too much’. Buy it here.”
Right now, Bitcoin is down 1.94% at $7,776, according to COIN360. Ethereum is down 4.84% at $241.51, and XRP is down 4.69% at $0.3736.
Technical analysts are watching Bitcoin’s volatility as altcoins take a hit.
Bitcoin
Bitcoinist – Bulls rejoice as ascending triangle support holds
CoinDesk – BTC bulls must continue to defend $7,200
Ethereum
NewsBTC – Ether likely to test the $232 support area
Coinspeaker – Ethereum moving sideways on medium-term outlook
XRP and Stellar
FXStreet – XRP/USD stuck within moving average support and resistance
AMBCrypto – XRP and XLM struggle to cope with bearish pressure
Litecoin
Live Bitcoin News – LTC could retest $84.00 before a fresh increase
Blockonomi – LTC interacts with key horizontal support
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