Bitcoin regained a part of its lost momentum Thursday after temporarily sliding below $10k. However, cryptocurrency trader Brian Kelly, who also doubles as CNBC’s (sort of) in-house expert on digital assets, seems far from being impressed.
During his recent appearance on CNBC’s Fast Money, Kelly, also the founder & CEO of digital currency investment firm BKCM LLC, said he foresees a bearish trend looming for Bitcoin (BTC).
SponsoredOf course, not everyone over in the cryptocurrency Twitter space seemed to agree with Kelly’s assessment, some users even unleashed memes to mock CNBC over its questionable forecasts in the past.
Long-Term Bitcoin Prospects Seem Promising
Kelly, usually bullish on the digital asset class, is known for making bold predictions during his frequent appearances on CNBC. For example, he basically stuck his neck out earlier this April by claiming that it was only a matter of time until the next bull run pushes Bitcoin beyond its previous high of $20k (BTC was still hovering around only the $5k mark when he made that claim).
Even his most recent prediction was not entirely bearish. Kelly acknowledged that he was being cautious only for the short-term. As for long-term prospects, he appeared to have a positive outlook and even went on suggesting that a “generational buying opportunity” is coming in Bitcoin.
Kelly is just one among a large brethren of Bitcoin bulls who draw their positive long-term outlook from increasing adoption. The authenticity of this encouraging trend was further corroborated by a recent tweet by Grayscale cryptocurrency investment firm that claimed: “more than 100,000 merchants and organizations worldwide now take payment in Bitcoin.”
SponsoredMore than 100,000 merchants and organizations
worldwide now take payment in #Bitcoin. Try using #gold to make your next purchase and see how far that gets you. pic.twitter.com/iUyA7VurJH— Grayscale (@Grayscale) August 22, 2019
For those out of the loop, the underlying theory is that increasing adoption leads to an increasing demand, which then causes a supply limitation and eventually a bullish trend. The growing consensus among many analysts and commentators is that BTC’s forthcoming halving event (ETA: May 2020) will further add to a surging Bitcoin price as the daily issuance rate will come down to 900 BTC from the current rate of 1,800 BTC.
Kelly has previously stated that many miners seem strategically more inclined towards hoarding their Bitcoin stash through the foreseeable future. which could further add to the asset’s price hike.
Despite the long-term positive prospect, Kelly pointed out that Bitcoin has been exhibiting a somewhat sluggish performance after hitting a yearly peak at about $13k. He added that while it is possible that the initial drop was caused by overbought technical conditions, the ‘safe haven‘ driver presumed to be behind the recent rally has since waned as well.
How Seriously Should You Take These Predictions?
BeInCrypto recently covered how some of CNBC’s past cryptocurrency investment tips eventually proved to be outright disastrous for whoever acted upon them. A similar forum post appeared on Bitcointalk.org earlier this week, highlighting several examples of how CNBC has time and again provided inaccurate or misleading forecasts.
So, it was hardly a surprise that several Twitter users resorted to mocking CNBC over its less-than-ideal track-record with market forecasts.
What’s your forecast for BTC? Do you think Brian Kelly’s bearish outlook is spot-on, or did he just fail to see through the underlying trend? Share your thoughts in the comments below.
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