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Are The Bitcoin Bulls Back? Brian Kelly Weighs In

As reported by Ethereum World News, the cryptocurrency market has been on a surprising tear over the past 24 hours, with a majority of assets posting gains of upwards of 6-7%. At the time of writing, Bitcoin stands at $6,400 after a brief step over the $6,500 line, while a majority of altcoins have seen a return of upwards of 5%. Some altcoins, like Nano, have had an astounding day, with bulls pushing the price of the cryptocurrency up by 25% or more.

Although the cryptocurrency market may have been on thin ice before this recovery, the ice isn’t so thin now, with Bitcoin establishing lines of support at higher lows.

On Wednesday, Bria’s “Fast Money” segment covered this recovery, with Brian Kelly, CNBC’s in-house crypto analyst, doing his best to reason why the market saw such a strong rebound.

Kelly opened up his section calling the market’s price action a “wild ride,” alluding the trials and tribulations the market has faced over the past few weeks. The analyst went on to draw attention to the performance of BTC before, during, and after the expiry of CBoE-based Bitcoin futures. According to statistics which CNBC has attributed to Justin Stanislaw, Bitcoin often does poorly in the days leading up to an expiry date, but sees a 10% move upwards in the week following a futures expiry.

Likening today’s expiry to a similar occurrence, Kelly noted that following the April futures expiry, Bitcoin saw a 20% gain in a mere 6 days. While not explicitly stating it, it’s clear to see that founder of the crypto-centric BKCM fund is expecting for Bitcoin to continue to experience positive bouts price action over the next few days.

To add fuel to the metaphorical bullish flame, Kelly, who has become a near-notorious permabull, added that Bitcoin may be undergoing a short squeeze, as shorts cover their losses in this potential trend reversal.

This sentiment sparked a question from another CNBC panelists, who asked if “these other cryptocurrencies” will bottom out along with Bitcoin. Kelly 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.

So as is normally the case, it is likely that if Bitcoin runs, so will a majority of altcins, albeit with some variance in either the bullish or bearish direction.

However, some had their doubts, including CNBC trader Dan Nathan, who queried Kelly on if the capitulation phase of the market has “petered out.” Turning the question somewhat on its head, the cryptocurrency bull noted that $5,900 may prove to be a level of support if a sell-off continues. Nonetheless, it seems that with this episode of CNBC Fast Money passing by, Kelly remains as bullish as ever.

While some were quick to cast Wednesday’s bout of positive price action aside, calling it a classic bull trap, there are some optimists who are convinced that this might be the beginning of the end of the crypto bears.

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Golden Opportunity to Invest in NEO as Predictions are Record Like

The bears have the clear saying above all in the second week of the 7th month of 2018. This Tuesday the red declining trend has taken the market as a whole. For some that are on the short term trading this might mean loss, but other that are longer in the game could find the movement as the best buying opportunity. Especially some altcoins that are taking heavy steps towards development.

NEO Opportunity to Step In

With the first half of the year gone, the crypto-verse both infrastructure and price wise has seen some drastic improvements and changes. Each team is trying their best to showcase their work potential.

See: Ethereum (ETH) Going Higher Security with the New Vyper Language Introduced

That is why in our opinion this time around could be the best to step in before the second part of the year hits hard. As the lead token BTC changed hands from $20,000 to $5,800 just a couple of days ago against the US Dollar, so did many altcoins drop.

During the bull run of late last year and early this year, NEO had peaked at levels of $187 on January 16th. The coin would continue holding its own against an ever dropping Bitcoin and also have a value of $144 in late February as the rest of the market was spiraling out of control. It bottomed at $27.00 seven days ago. However, with the potential seen last year, the rest of 2018 could be filled with new possibilities.

On July 4th, the platform commenced the election of a City of Zion consensus node into the NEO MainNetwork. The event has been named as the decentralization of its blockchain network.

City of Zion are an independent group made of translators, designers and developers with a global reach that have teamed up to back up NEO core and the network as a total.

For six months did the City of Zion ran on the network until it was made ready for election. According to the roadmap, the other ones are set for the end of 2018 to enter election:

  • First Concensus node – KPN – leading telecom firm in the Netherlands with 33 mil mobile subscribers in Germany, France, Netherlands and Spain;
  • Second Consensus node – In an announcement on the 5th of May, the NewEconoLabs (NEL) announced a partnership between NEO Global Capital (NGC) and Fenbushi Capital for Neo’s Name Service Project (NNS).

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