3 Reasons Why #Bitcoin Market Remains Optimistic Despite $6,000
On June 23, CNBC Fast Trader hosted a show dedicated to presenting the “Bitcoin Funeral,” a witty introduction to BKCM founder and #cryptocurrency investor Brian Kelly’s discussion on the recent bitcoin #correction and its future #price #trend.
Three Reasons why Bitcoin Isn’t Dead
On CNBC Fast #Trader, Kelly outlined three major reasons bitcoin will recover in the mid-term back to its previous support #levels at over $10,000:
Negative sentiment from investors signalling imminence of a bottom
Positive development within the #Japanese #cryptocurrency #exchange market
Mt. Gox liquidation of bitcoin postponed to 2019
Referring back to the basic rule of investing, Kelly noted that during a period in which the market is extremely bullish and optimistic, it is better to sell and eye a timely opportunity to enter and when the market is overly pessimistic, it is wise to look for a position to enter.
Given the negative sentiment towards the cryptocurrency market by investors, Kelly explained that the major correction of the cryptocurrency market will likely bottom out in the near future, likely in the next two to three months to begin a mid-term rally in the fourth quarter of this year.
More importantly, Kelly stated that the #Japanese government’s move to tighten regulations, clean up the cryptocurrency #market, and legitimize the Japanese cryptocurrency sector is a positive development for the long-term, as it would prevent major hacking attacks like the #Coincheck security breach and allow #investors in the public market to gain trust in local #exchanges.
Kelly said: “Japanese exchanges were ordered to improve business conditions [by the government]. It’s actually a good thing. Short run it’s going to be a little tough because they’re stopping new accounts from coming in but actually they’re cleaning up the system. They’re making sure it’s more robust. Making sure it’s better for people.” #bitcoinnews #coin #bitcoininfo #altcoin #bitcoins #bitcoinasia