• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Advertisement

4 Signs That Bitcoin is Bottoming, According to Brian Kelly

Adam James by Adam James
5 years ago
in Bitcoin, Bitcoin Price, Mining, News, News teaser
0
Advertisement
Advertisement

Everyone still wants to know whether or not Bitcoin has bottomed, and cryptocurrency trader Brian Kelly believes that process is underway — citing four main reasons. 


Price Action and Mining Costs

Brian Kelly appeared on CNBC’s “Fast Money” to share his opinions on the first and foremost cryptocurrency’s current price action, while also explaining that there are good reasons to believe that Bitcoin is finding its bottom — the first being it’s most recent price action. Kelly explained:

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Over the weekend we saw Bitcoin hit new lows […] and then within about 10 or 15 minutes, you had a huge ramp up — one hundred or two hundred points. That’s typically the action that Bitcoin has shown at bottoms.

Going hand in hand with Bitcoin’s sharp bounce is the break-even cost for the market leader’s miners. Noted Kelly:

$5900 or so is mining costs. There’s an incentive for miners to keep that price about that level.

Printing more Tether

Thirdly, Kelly noted that demand for controversial cryptocurrency Tether (USDT) has risen in Asian markets, indicating an increase in demand for cryptocurrencies. Kelly explained:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

This morning, we actually saw quite a bit of demand coming from Asia […] We’re seeing it from our OTC desk — but also Tether, which is used in global arbitrage. They printed about $250 million worth of Tether today which generally indicates there’s demand coming, and most of that demand is Asian demand as most of the Asian exchanges use quite a bit of the Tether product.

$250 Million Tether Grant: Here we Go Again

Trade War

Finally, and perhaps most importantly, Kelly cited geopolitical politics as playing a role in Bitcoin’s bottoming assistance — specifically fiat currencies troubles in Iran and Argentina, as well as the current trade war between China and the United States. The CNBC contributor noted:

[Bitcoin] goes higher when there are currency crises. Remember, this is an alternative currency, so it works very well for that. […] I would also say it kind of tangentially has to do with the trade war and what’s going on with China. If we remember, what’s the final option for China here? It’s probably a devaluation of the currency. I’m not saying that’s going to happen, but that’s ultimately what they can do to retaliate. And if you’re a wealthy Chinese person and you’re thinking that’s gonna come where would you want to put your money? Certainly not in RMB. You may want to put it in some BTC.

Time will tell if Kelly is right and Bitcoin has begun to bottom.

Today, the market leader is trading at [coin_price].

Do you think Kelly’s cited valid reasons to suspect that Bitcoin has started bottoming? Let us know in the comments below! 


Images courtesy of Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

Bitcoin

Bitcoin Up For Grabs On The Moon: SpaceX, LunarCrush To Send Crypto To The Lunar Surface

6 seconds ago
Bitcoin history of bank runs

Bitcoin & The History of Bank Runs: From The Great Depression To Today

19 hours ago
Bitcoin

Bitcoin’s Horizontal Levels Show Potential For Bullish Trend

2 days ago
Bitcoin (BTC)

‘Nobody will Get Rich Investing In Bitcoin Ever Again,’ Crypto Analyst Sparks Debate

2 days ago
Bitcoin Price Reclaims $28,000 As Core PCE Comes Cooler Than Expected

Bitcoin Price Reclaims $28,000 As Core PCE Comes Cooler Than Expected

2 days ago
Bitcoin BTC mining energy

Will Greenpeace Change Its Mind On Bitcoin Now? New Report

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    2 weeks ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    2 weeks ago
  • Cryptocurrency to invest in March 2023

    2 weeks ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Top 7 DeFi Crypto Watchlist – Buy Now For Gains

    46 mins ago
  • TMS Network (TMSN) Sees Massive 1000% With Presale, Mask...

    2 hours ago
  • TMS Network (TMSN) and XRP (XRP) Ready to Explode, While...

    2 hours ago
  • Cardano (ADA) killer raises $4.3 Million in its presale...

    4 hours ago
  • Binance Coin (BNB) and Uniswap (UNI) Lose Volumes, Uwerx...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.