Since bitcoin hit the moon in 2017, with an all-time high of $20K, things have not been the same again.
The flagship cryptocurrency has since started a freefall that has sent panic down the spines of crypto greenhorns, with many thinking this may be the end of the road for cryptocurrencies.
However, CEO of BKCM LLC investment firm, Brian Kelly has made it clear to whom it may concern, that it’s not over yet for bitcoin.
Present at CNBC’s Fast Money, the expert bitcoin trader reiterated that the current market slump is not indicative of the end for bitcoin “whatsoever.”
Kelly backed up his statement with three key factors. First, he made it clear that there could be a trend reversal shortly since the market sentiment is “approaching lows,”
Of a truth, when bitcoin peaked at the $20,000 price area in 2017, many enthusiasts had high hopes the price of the pioneer crypto would continue to surge, but to their disappointment, the predictions are yet to work as planned and the entire market has shed almost all the weight it gained last year.
Despite the continuous bloodbath, Kelly has reminded hodlers that the current price of bitcoin at $6, 187 is still 60 percent higher than the $2,500 price area it was in June 2017.
Japan’s Regulatory Oversight is Good for Cryptos
On June 22, 2018, reports emerged that Japan’s Financial Services Agency (FSA) had slapped six local exchanges with business improvement orders. The regulator mandated six exchanges including bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point to carry out a total risk management overhaul of their systems and improve on their KYC/AML standards.
The analyst noted that the FSA’s move might seem harsh in the short term but it will be of great benefit to the crypto markets in general as the exchanges will wax stronger in the long run.
Third, Kelly also stated that the latest development in the Mt. Gox saga is also positive news for bitcoin as the attorney in charge of the matter has made it clear that there will be no more bitcoin selloffs since the civil rehabilitation proceedings have already begun.
With the current situation of things, the bears still reign supreme, and no one can say for sure when the bulls will return.