Upcoming Supply Cut Will See Bitcoin Prices Rise Further, Brian Kelly Predicts
Crypto analyst Brian Kelly believes bitcoin prices are going to rise as increasing demand competes with diminished supplies.
Describing the four-year cycle that leads up to “the halvening,” Kelly added:
“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 […] a supply cut is generally bullish.”
He recommended investors dedicate between 1% to 5% of their portfolio to cryptocurrency while prices are stuck around the current levels of $8,000.
Earlier this month, reports suggested that investment firm Fidelity was planning to roll out BTC trading for institutional clients in the coming weeks.
Meanwhile, well-known retailers and brands such as Nike have been beginning to explore how crypto could fit into their business models.
Other analysts believe there are other factors behind BTC’s recent surge. On May 20, Digital Currency Group founder Barry Silbert suggested the crypto’s bounce back could be linked to the ongoing United States–China trade war.
You may be interested
Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrenciesbtcethereumadmin - June 16, 2019
Crypto was a hot topic at a forum featuring Russia’s top people from the economic sector. Last week, an annual…
Accept Direct Crypto Payments Using the Rocketr Gatewaybtcethereumadmin - June 16, 2019
It’s in the best interest of businesses to offer their customers a variety of payment options. Cryptocurrencies can undoubtedly bring…
Indian Crypto Community Petitions Government for Regulationbtcethereumadmin - June 16, 2019
Following widespread reports of the upcoming Indian cryptocurrency bill, the crypto community has started a petition for the government to…