Analyst: Bitcoin Power Players Hoarding Crypto With Major Rally Ahead – BTC, XRP, Ethereum, Litecoin, Stellar Forecasts – The Daily Hodl

Analyst: Bitcoin Power Players Hoarding Crypto With Major Rally Ahead – BTC, XRP, Ethereum, Litecoin, Stellar Forecasts – The Daily Hodl

CNBC’s bullish crypto analyst and CEO of hedge fund BKCM, Brian Kelly, says miners who are powering the Bitcoin network are now hoarding BTC.

Kelly tells CNBC’s Fast Money that he expects increasing institutional adoption along with the 2020 Bitcoin halving event, which will slow the creation of new BTC, to trigger a new crypto bull run.

“You’re starting to get that long waited for institutional adoption. Fidelity is rolling out institutional custody. They’re getting customers. People, institutions, are starting to buy. Retail anticipation – we saw from TD Ameritrade, they invested in ErisX. They’re going to start opening crypto trading, Bitcoin trading, to their retail customers over the coming months. Perhaps three to six months or so. People are anticipating that.

But the big picture here is we’re starting to enter this cycle where you get a supply cut. Every four years, the supply of Bitcoin gets cut in half. You generally have a rally a year into it and a year out of it. And so we’re just at the beginning of that stage. I’ve talked to a lot of miners around the world. A lot of them have said, ‘We’ve sold enough Bitcoin to get us through the next year or so. We are going to hoard Bitcoin at this point in time. We’re not going to sell it.’”

Kelly is quick to point out how risky crypto investing is, and warns people not to invest too much of their portfolio into the market.

“One last thing I would add, just as a PSA. While we’re down at these levels, please size this appropriately. It’s a risky thing. One to five percent of your portfolio. And when it goes higher and you buy it at the top, don’t tell BK, ‘I bought too much’. Buy it here.”

Right now, Bitcoin is down 1.94% at $7,776, according to COIN360. Ethereum is down 4.84% at $241.51, and XRP is down 4.69% at $0.3736.

Source: COIN360

Technical analysts are watching Bitcoin’s volatility as altcoins take a hit.


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XRP and Stellar

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



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