CNBC's Brian Kelly says rally is due to institutions, upcoming halving

21 May, 2019
by David Borman
CNBC's Brian Kelly says rally is due to institutions, upcoming halving

Today saw Brian Kelly on CNBC's Fast Money explaining why he feels the price of Bitcoin is on the rise. Overall a bullish case is made, mentioning how institutional investors are coming into the space, retail applications are beginning to be rolled out and we are about a year away from the next halving event.

Kelly spends most of his time discussing the upcoming Bitcoin "supply cut," which is a reference to the next halving event, which should be happening sometime in May of 2020. In his own words:

"So, you've got this combination of a lot of demand coming in, and we're heading into a period where we're going to have supply cut, and that's generally very bullish for it."

He goes on to say that investors should still be careful and only make Bitcoin "1-5%" of their portfolio, urging people to buy at these levels and not wait until the price has gone parabolic again.

Some on twitter took issue with how Kelly represented the halving event as a decrease in supply, though the claim could be made this is a debate over terminology:

Others pointed out how CNBC stories tend to act as contraindicators for the market, meaning when they speak fondly of Bitcoin, the price drops, and vice versa. To be fair, though it could be self fulfilling prophecy, the price did dip just after the segment aired, though by only about $100.

Whether or not you like Kelly or CNBC, some of this analysis is valid, as historically the price of Bitcoin does rise in anticipation of a halving event, only to go parabolic in the months after. Will it happen again this time? Stick with Chepicap for all updates on BTC price movements!

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