Brian Kelly, director of a cryptocurrency investment company, thinks that the Bitcoin rate does not match up to fundamental factors and will come back to growth.
Kelly made his remarks on CNBC’s Fast Money show. In the words of the investor, BTC has either already reached the low point of its price adjustment or may find the potential “bottom” very soon.
“When evaluating Bitcoin, you have to pay attention to the condition of the network and the ratio of growth of wallets. For me personally, one of the key features is how swiftly the number of BTC addresses grows connected to expectations. Currently, the graphs are flat, but earlier it was anticipated that the growth of addresses would fall by 20%. There has not been such a divergence since March 2020. Bitcoin is unappreciated and this is a sign that we have by now rebounded off the bottom. Once more, in March 2020, BTC cost $ 3,500 and rocketed above $ 60,000. Now we are witnessing a remarkably comparable situation, fundamental factors point towards growth,” the analyst stated.
Kelly has boosted his own investments in cryptocurrency funds, as he understands this as a good opportunity to make money.
