Brian Kelly, one of the most popular cryptocurrency figures in the market and the CEO of BKCM, said that Bitcoin is 50 percent undervalued. During the last year, Bitcoin (BTC) feel more than 80% and other digital assets have registered losses larger than 90%. Now that more than a year passed since Bitcoin all-time high, experts are giving their predictions regarding the future of the most popular digital currency.
Brian Kelly Bullish About Bitcoin
In a recent conversation with CoinTelegraph, Brian Kelly talked about the cryptocurrency market and many other topics related to it. The first thing that he said is that he believes that 2019 will be better for crypto since 2018 had a very low bar. He went on saying that before starting to grow, Bitcoin could drop down to $1,500.
“As an investor, my number one concern is price,” he commented.
Kelly explained that the market has already experienced these drops on several occasions. This is just one more time that the price of the most popular virtual currency drops.
About this, he commented:
“I look at the price and I say that we’ve seen three or four of these kinds of boom-and-bust cycles in Bitcoin. If you look at the most recent two or so, we’re following roughly the same path as we’ve had, which means we’re somewhere closer to the end. We might have another dip lower – it wouldn’t surprise me at all. […] It wouldn’t surprise me if it went to $1,500.”
Brian Kelly went on saying that Bitcoin is currently 50 percent undervalued.
He then explained that there were different signs related to an end in the crypto bear market. This would be very positive for the market. He said that they are starting to see some global macro players that use Bitcoin as an alternative to their gold position or as a way to hedge against fiat currencies.
For investors, this is very important. They do not want stability, they want to have an asset that would give them high returns in the future. Kelly believes that during 2019 there will be no approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). The regulatory agency of the US has been very strict with the ETF proposals presented by companies in the crypto space.
He thinks that there are too many things to solve that will take longer to be resolved. Thus, the SEC will not feel comfortable with the approval of a Bitcoin ETF in 2019.
“I think 2020 is a very good shot,” he noted.
At the time of writing this article, Bitcoin is being traded around $3,633 and it has a market capitalization of $63.74 billion.