• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Permabull Brian Kelly Remains As Bullish As Ever

Nick Chong by Nick Chong
2 years ago
in Bitcoin, Cryptocurrency Technology
Reading Time: 3min read
Bitcoin
Advertisement
Nexo Logo
Listen to Article

Brian Kelly, CNBC’s foremost crypto analyst, has long been held as a Bitcoin permabull in the eyes of many. His most recent appearance on CNBC only cemented this theme, as Kelly reasoned why the crypto market could head upwards within the next few days.

Could the CBoE’s Bitcoin Futures Expiry Push Prices Upwards? Brian Kelly Thinks So

On Tuesday, the crypto market saw a strong rebound of near-YTD lows, with a majority of assets posting gains of upwards of 7-8%.

While this move was welcomed by cryptocurrency bulls, it was unclear if there was a catalyst for this specific recovery. Nonetheless, CNBC Fast Money’s Brian Kelly did his best to postulate the reasoning behind this resurgence on prices.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

#Bitcoin bouncing back today, and @BKBrianKelly explains why you should trust this bounce. pic.twitter.com/YhMo3EoSWp

— CNBC's Fast Money (@CNBCFastMoney) August 15, 2018

Kelly opened up his segment by calling the market’s recent price action “a wild ride,” alluding to the motions the market has gone through on a near-daily basis.

The trader first drew attention to the average performance of BTC before, during, and after the expiry of CBOE Bitcoin futures.

According to statistics gathered by an associate of Kelly’s, BTC often does poorly in the days leading up to an expiry date, posting losses of an average of 7%. But as an expiry date nears and passes, BTC experiences an average of a 10% move upwards.

Moreover, the founder of the BKCM fund went on to bring up previous expiry events, where Bitcoin surged nearly 20% in a mere six days following mid-April’s futures expiry.

So why is this statistic relevant you may ask.

Well on August 15th, the most recent set of CBOE futures expired, as the cryptocurrency market coincidentally saw a strong recovery. While Kelly did not explicitly state that Bitcoin could undergo a move upwards, it has become increasingly apparent that he expects the market to see positive bouts of price action over the next few days.

Brian Kelly: Bitcoin Could Undergo a Short Squeeze over the Next Few Days

To bring more credence to his unrelenting bullish sentiment, Kelly brought up a chart of all short positions on BitFenix.

Although short positions have increased drastically since the start of August, the CNBC trader noted that August 15th’s bounce resulted in many short sellers covering their positions.

As such, Kelly added that Bitcoin could undergo a short squeeze as a result of the “short-term seasonality” of a futures expiry event.

Throughout this segment, the crypto bull only discussed Bitcoin, leading a CNBC panelist to ask if altcoins would bottom out along with the foremost digital asset. Staying in line with his permabull attitude, he responded, stating:

“They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else back up.”

However, some had their doubts, including CNBC Fast Money trader Dan Nathan, who questioned the permabull, asking if the crypto market could see further capitulation.

Turning the question somewhat on its head, Kelly noted that the $5,900 price level will prove to be a strong line of support if a sell-off continues. Regardless, it is evident that with this CNBC Fast Money episode whirring by, that Brian Kelly remains as bullish as ever.

Featured image from Shutterstock.

Tags: bitcoinBitcoin bullbitcoin priceBrian KellyBullcnbcCNBC Fast Moneycryptocurrencycryptocurrency marketsprice
TweetShare35
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

5 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

5 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

6 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

6 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.