The CEO of BKCM, Brian Kelly is one of the most well-known figures in the crypto world today. He is of the opinion that Bitcoins are currently 50% undervalued. With the extended bearish market that has been going on Bitcoin (BTC) fell by more than 80% while other digital assets have registered losses larger than 90%. It has been a year since Bitcoin achieved its all-time high, experts are giving their predictions regarding the future of the most popular digital currency.
Brian Kelly, recently gave an interview, where he spoke about the cryptocurrency market and many other topics related to it. He however believes that 2019 will be better for crypto since 2018 had a very low bar. He went on saying that before starting to grow, Bitcoin could drop down to $1,500.
“As an investor, my number one concern is price,” he commented. He also explained that the market already has experienced these drops on several occasions. This is just one more time that the price of the most popular virtual currency drops.
Kelly also said,
“ look at the price and I say that we’ve seen three or four of these kinds of boom-and-bust cycles in Bitcoin. If you look at the most recent two or so, we’re following roughly the same path as we’ve had, which means we’re somewhere closer to the end. We might have another dip lower – it wouldn’t surprise me at all. […] It wouldn’t surprise me if it went to $1,500.”
He then went on to say that Bitcoins currently are 50% undervalued. He explained that there were several signs related to an end in the crypto bear market which is of utmost importance for investors, this is very important.
Kelly also believes that during 2019 there will be no approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) a that there are too many things yet to be solved. Thus, the SEC will not feel comfortable with the approval of a Bitcoin ETF in 2019.
“I think 2020 is a very good shot,” he noted.