Bitcoin price still can be lowered not only below $3000, but in the long term and up to $1,500. However, the first cryptocurrency remains at least “50% undervalued”, said in an interview with Cointelegraph, CEO of investment group, BKCM, and a regular commentator for CNBC, Brian Kelly.
“For me as an investor, the main question is the price. I look at the price and I can say that we have already seen three or four cycles of UPS and downs. If you look at the last two of them, now we roughly follow the same pattern as before, and that means the end of all this somewhere close. But we can still fall, and it’s really no surprise”, said Kelly.
On the question of whether bitcoin fall below $3000, he replied:
“Of course. I won’t even be surprised if the price goes up to $1500”.
However, Brian Kelly believes that if such a scenario will be realized, it will be short-term.
“I think we’re nearing the end [bear trend]. Those who sold earlier, did it forced. Some CEOS said that they need cash because they can’t hold assets in bitcoin. I don’t know whether already completed the cycle, but the signs of the end of this trend is”, — said the expert.
Moreover, given the geopolitical tensions in the world, Brian Kelly believes that in 2019, the value of such crypto currencies as bitcoin, Litecoin and some others will grow, and many investors will abandon gold as a means of preserving value.
“We can already see how some global macro players use bitcoin as an alternative to gold or as a means of hedging against the volatility of Fiat currencies,” he added.
While Brian Kelly noted that stability is not always what is needed for investors.
“Investors are looking for safe Harbor, which is not correlated with other assets. Therefore, from the point of view of investment and speculation, stability is not something that you really need. Investors need volatility, because they want to make a profit”, — he said.
Earlier, Brian Kelly said about the low likelihood that in 2019 expected by many exchange bitcoin funds (ETF) receives approval from U.S. regulators.