The bitcoin price might have broken back above the $10,000 level today, but one notable trader isn’t impressed. Speaking on CNBC, crypto investor Brian Kelly, who is usually the biggest bitcoin bull in the room, made it clear that he has turned bearish on BTC/USD despite its recent bounce. Longer-term, however, Kelly still believes there is a “generational buying opportunity” coming in bitcoin. But he doesn’t see it just yet.
Brian Kelly is famous for his bold predictions on CNBC and most recently made several claims that the bitcoin price was likely to move higher than $20,000. With a focus on cycles and network activity, there has been plenty for the crypto investor to be excited about in the last few months.
Even evangelists like Kelly have to admit that BTC/USD has struggled immensely since hitting its yearly peak close to $13,000. While the initial drop was likely due to overbought technical conditions, brighter risk appetite appeared to remove the perceived “safe haven” driver behind its recent rally.