According to investor Brian Kelly, the cryptocurrency market is kicking off a bull market, and it’s not just a fleeting moment. Brian spilled the beans in a recent chat on CNBC’s Fast Money, where he heads up the digital asset investment firm BKCM. He’s got a hunch that we’re in for a ride lasting over a year, and here’s why.
In typical stock market lingo, Brian compares it to the “breadth of the market” and how it widens to include mid and small caps during a healthy bull market. Well, guess what? That’s exactly what’s going down in the crypto world right now. Names like Polkadot, Cosmos (Atom), and Solana are making the rounds, signaling a broader rally. But it’s not just talk; things are getting real. Decentralized exchanges are buzzing with activity, and the decentralized finance (DeFi) space is all about loans and locked values. Brian’s reading the signs and concludes that the bull market is not just narrowing down; it’s expanding, and the fundamentals are giving it a solid nod. He’s placing his bet on a 12 to 18-month bull run, predicting it’ll spread its wings to embrace other currencies.
But hold up, there’s more to the story. Brian drops some knowledge about the U.S. Securities and Exchange Commission (SEC) possibly giving the green light to Bitcoin (BTC) exchange-traded funds (ETFs). However, he’s not popping the champagne just yet. According to him, when that approval stamp comes through, it might cause a stir, a sell-the-news kind of commotion. But here’s the twist – he thinks it’s just a momentary blip. Traditional finance, he says, is gearing up to jump on the ETF bandwagon, and Bitcoin is set for another rally.
In Brian’s words, the ETF fever might be hitting its peak, and we could witness a sell-off. But he’s not losing sleep over it because, in his playbook, any dip is just a shopping spree opportunity. Why? Well, there’s still a gang of folks out there who haven’t snagged their slice of the Bitcoin pie for their portfolios. Even a 1%-to-2%, or maybe even 5% allocation in IRAs or for private wealth managers, means they’ll be snatching up those ETFs like hotcakes throughout the year. So, buckle up, folks; it looks like the crypto rollercoaster is just getting started.
