Brian Kelly, the CNBC fast trader host, outlined three major reasons why Bitcoin will recover to its of previous support levels at $10,000.
Kelly noted, referring back to the basic rule of investing, where a period in the market is extremely overoptimistic, it’s better to sell. Always look for an opportunity to enter a market when it’s overly pessimistic.
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Given that investor sentiment is primarily negative towards cryptocurrency, a major correction of the market which will likely bottom out in the near future, Kelly explained. It’s likely that in the next 2 to 3 months we’ll see a midterm rally in the fourth quarter of the year.
Kelly also stated that the tightening of Japanese government regulation along with their proactive commitment to cleaning up the cryptocurrency market and legitimizing their cryptocurrency sector is an extremely positive development in the long term.
This would prevent another major hack like the one witnessed with Coincheck exchange, therefore allowing investors to have more trust in local exchanges.
South Korea, the third largest cryptocurrency market behind US and Japan has also prepared stricter cryptocurrency regulations for their exchanges in order to prevent future hacks and money laundering attempts. South Korea intends to legitimize cryptocurrency in order to protect investors and set an industry wide standard.
Mt. Gox executed several selloffs equaling tens of thousands of Bitcoin, which led to quite a few market crashes throughout 2018. This prevented Bitcoin from gaining momentum at certain key levels.
Kelly reiterated that the delay of any further Mt. Gox selloff until 2019 is very optimistic towards the short term future of Bitcoin. Future potential market selloffs should be eliminated in the midterm due to this event.
The 3 factors outlined by Kelly could fuel a midterm Bitcoin rally. With South Korean and Japanese developments enabling the market to grow with stability and trust from investors returning, this should lead to a beneficial growth for Bitcoin.
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