It is about time to buy Bitcoin again - Brian Kelly

Brian Kelly from BKCM is waiting for buying opportunity.
Bitcoin may drop significantly before the upside correction begins.

Tanya Abrosimova Independent Analyst

The price of the first cryptocurrency may drop sharply before a new strong upside move, according to the founder of the investment company.

The number of active Bitcoin addresses has decreased recently, which may signal that the first cryptocurrency is on the verge of a sharp sell-off, says Brian Kelly, the founder of the investment company BKCM. He believes this collapse should be regarded as a golden buying opportunity as the new strong growth will ensure soon after the sell-off.

According to Brian Kelly, the short-term investors should be especially careful as the time is not ripe yet. The current conditions is similar to what we have seen in December.

He added that institutional investors switched to bitcoin futures on CME or other derivatives, which caused the decrease of the number of active bitcoin addresses. According to the founder of BCKM, it’s worth paying attention to the market sentiments: if everyone says that BTC is “dead”, the rally may be just around the corner.

At the time of writing, BTC/USD is changing hands at $10,152. Over the past day, the price decreased by 1.5%.

Author

Tanya Abrosimova

Independent Analyst

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