Top financial expert predicts significant gains for Bitcoin
Following a miserable first quarter for cryptocurrencies, a leading expert now predicts strong rallies for the 2nd quarter of 2018.
Contributing on CNBC’s “Fast Money,” Brian Kelly of Brian Kelly Capital went on air to talk second-quarter growth this week.
He showed how Bitcoin has historically bad first quarters, even in 2017.
Last year, the market went on a meteoric rise after slow first-quarter growth.
Explaining how Bitcoin traditionally performs better in the second quarter, Kelly says he predicts “there will be a significant rally here if seasonality brings tailwinds.”
What he predicts for “seasonality” are the annual developmental cycle and cryptocurrency conferences.
Conferences such as the Consensus in May can inspire confidence in trading.
Kelly also predicts that fears of regulation in cryptocurrency investing will begin to wear off.
As countries start to settle on policies, it will contribute to a potential rebound in the second quarter.
Speaking to the “Futures Now” panel, he said;
“We’ve gone to the extreme of the regulation which is South Korea thinking they’re going to ban it, the U.S. talking about everything being a security, to walking it back … you’re seeing a shift again in that type of thing. I think most of that’s behind us.”
Global regulation of cryptocurrencies
Cryptocurrency market regulation spread globally after it’s meteoric rise in the latter part of 2017.
Major digital currency markets like China and India both made significant moves to ban exchanges and ICOs.
Japan and the United States are also battling to create a balance for exchanges while preventing crypto related criminal activity.
Commenting further on regulation, Mr. Kelly said:
“I don’t think regulation is a bad thing … it doesn’t kill any other market as long as we do it correctly and we don’t stifle innovation.
“Regulation might actually increase adoption.”