Brian Kelly, a Fast Money Trader and cryptocurrency investor from CNBC, recently expressed his opinion on the future direction of Bitcoin (BTC). After the cryptocurrency surpassed the critical $43,000 level and briefly reached $44,000, he commented on the issue on an episode of Fast Money Streaming on December 4. According to Kelly, historical trends suggest that the best performance of Bitcoin follows 12 to 16 months after the halving. However, he believes that this time things could be different. There is not much Bitcoin coming out per day – only about 900 BTC – which makes it more scarce than gold.
Kelly believes that other altcoins could follow the Bitcoin breakout by January or so. At the time of writing, the car was changing hands for $43,844, gaining 5.35% over the past 24 hours, 14.83% in the previous 7 days and 25.58% in its monthly chart. Bitcoin’s role as digital gold is becoming increasingly more pronounced, and the halving mechanism built into its code seeks to reduce the award for mining it and make it more scarce, thus potentially increasing demand and, with it, its price.
It is important to note that investing in cryptocurrencies is speculative and involves a risk to your capital. Therefore, always invest responsibly and make sure to do your own research before making any decisions.