Brian Kelly said Bitcoin is reaching a generational bottom
Bitcoin’s price bottomed out on Thursday (June 30), as predicted by a hedge fund manager and CNBC commentator Brian Kelly.
Kelly’s most recent Bitcoin remarks were made during a piece on Thursday’s broadcast of CNBC’s “Fast Money,” presented by Melissa Lee when Bitcoin was trading for about $18,850.
When Lee questioned Kelly when Bitcoin will reach its bottom, Kelly responded: “I’ll give you the attorney’s response: it depends. It’s a case of both good and terrible news, right?
“Therefore, the good news is that I believe we are approaching our generational low.” The bad news is that it may not be till Bitcoin reaches $10,000. And by the way, the cause will be rising inflation expectations and policy mistakes by every central bank around the globe. So, that’s not a world I’m really happy to live in, but hey here I am.
“And I think if you get those three combinations, a final flush out of all this leverage in Bitcoin down to $10,000, $15,000, or somewhere around that, and inflation expectations picking up, which I think will occur in the next quarter or so, and we already know that every central bank has already made a policy error and is likely to continue to do so, then we will see a significant decline in the value of Bitcoin.” This is the ideal setting for a Bitcoin bottom. Thus, you now have it. We simply have waited.”