Bitcoin Market Staying Optimistic. On June 23, CNBC Fast Trader organized an event dedicated to presenting the "Bitcoin Cemetery," an ingenious introduction to BKCM founders and cryptocurrency investors, Brian Kelly's discussion of recent bitcoin correction and future price trends.
Three Reasons Why Bitcoin Is Not Dead
At CNBC Fast Trader, Kelly outlines the top three reasons bitcoin will recover in the medium term to previous support levels at more than $ 10,000:
• Negative sentiment from investors indicates that there will be the bottom
• Positive developments in the Japanese currency exchange market cryptocurrency
• The disbursement of MT Gox Bitcoin is delayed until 2019
Referring back to the basic rules of investment, Kelly notes that during periods where the market is very bullish and optimistic, it is better to sell and see the timely opportunities to get in and when the market is too pessimistic, it is wise to look for entry positions.
Given the negative sentiment towards the market of cryptocurrency by investors, Kelly explained that the major correction of the cryptocurrency market is likely to come out down in the near future, possibly in the next two to three months to start 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 cryptocurrency markets, and legitimize Japan's cryptocurrency sector is a long-term positive development, as it will prevent major hacking attacks such as Coincheck's security breaches and allow investors in the public market to gain confidence in local exchanges.
Kelly said:
"The Japanese market is ordered to improve business conditions by the government. That's actually a good thing. Short duration will be a little difficult because they stop new accounts from entering but they are actually cleaning the system. They make sure it's stronger. Make sure it's better for people. "
South Korea, the third largest cryptocurrency currency exchange market behind the US and Japan, has also begun preparing a cryptocurrency regulatory framework for managing cryptocurrency exchange as a bank, to prevent hacking and money laundering, while legitimizing cryptocurrency sectors to protect investors and setting broad industry standards for business.
No More The disbursement of MT Gox
Throughout 2018, several Mt. Sell-off sales of tens of thousands of bitcoins cause the market to crash, preventing BTC from gaining momentum over a certain period.
Kelly stressed that the delay of Mt. Gox bitcoin sell-off until early 2019 is an optimistic factor to consider, as the main factor for the potential sell-off market has been eliminated, at least in the medium term.
"Mt. Gox will undergo rehab and they will distribute the remaining $ 1 billion worth of bitcoin. But here's what's great about it, they will not distribute it until the 1st quarter of 2019. Everyone suddenly thinks that there will be a surge of sales. Not happening now, "Kelly explained.
Three factors outlined by Kelly can push the next mid-term BTC rally and positive developments in the Japanese and South Korean cryptocurrency currency market will allow the market to grow with the stability and confidence of investors, which will be of great value in the long term@BPI
