The alarming rate of the bear market situation in the crypto world today has succeeded in bringing up many different thoughts in the minds of investors. Some think that this signifies the end time for Bitcoin while others still believe that the market will resurrect.
However, the CEO of BKCM LLC investment, Brian Kelly, in a video posted on CNBC news channel, shared his personal thought on the current situation. He described the situation at hand as “shading off the weak hands in the crypto biz, he also said that the bear trend means no funeral for Bitcoin.
In order to back up this statement, he listed 3 key factors that has put the market in this condition.
Firstly, he predicted that there will be an uptrend reversal in the price of Bitcoin as it is now a tradition that has been studied over the years. He said over the past years, whenever there is a low sentiment on the market like this, a shoot-up in price eventually follows after. Same may be applied here. Yesterday, Bitcoin saw its lowest price of $5,881 after a long period of being at a considerable price for investors. Instead of seeing the downward trend as a discouragement, kelly predicts that there will be a bounce back in price very soon. He also tried to bring back to our attention those days some years back when Bitcoin used to trade at $2500 and dramatically moves upwards to almost $20,000.
Secondly, he pointed to the influence of Japan’s financial services Agency towards the market ass they sent out business improvement orders to 5 domestic exchanges, to be one the core reasons for the current bear market signal today. He rounded up his second point by saying that it will only last for a short run, but definitely gonn lead to a robust movement of price in the long run.
Thirdly, he pointed out to the news which reported that Mt. Gox is going to reimburse it’s customers for the hack of $473 million experienced some years back in 2013 as they plan to begin rehabilitation proceedings. This hack was ranked the highest of all hacks in the history of crypto, not until when coincheck was also hacked this year and duped of $534 million.