Bitcoin bull and Founder & CEO of digital currency investment firm BKCM LLC, Brian Kelly has reassured the cryptocurrency community that Bitcoin is on its way to a new high in the bull run that started just weeks ago. This is in the wake of the sudden pullback in price today.
Bitcoin so far in April has made a significant stride moving from ~$3,700 to over $5,000. Although the sudden dip seems to have caused a bit of a panic in the space, Brian assures that Bitcoin will rise significantly even higher than ever. However, this will take between 1 and 2 years.
“The cycle for bitcoin is usually about a year before to a year after. So over this two-year period, you will likely get this big upswing — particularly if the institutions come in — and I think we surpass all-time highs.”
He made this statement while speaking on CNBC Fast Money, adding that Bitcoin has gained 30% in April alone and has the potential to set a new record high. He also added that the involvement of institutions in the cryptocurrency space will significantly contribute to bringing Bitcoin up to this level.
The importance of institutional investors in driving the price of Bitcoin up cannot be overemphasized and Bakkt is expected to be a significant contributor in making this a reality. However, the several delays in its launch have made this dream to delay as well.
Brian is however confident that Bitcoin soaring is a possible dream and institutions will just be icing on the cake. He has always been positive about the future of Bitcoin and even with the long winter, his faith in the asset has not diminished at all.
Bitcoin did pull back earlier today after attaining a price of close to $5,500 yesterday. Although this is a bit shocking, the price is likely to go back up based on several expert opinions and the price trends since the beginning of the month. The asset is currently trading at $5,041 but its green glow might be an indication that it will soon be on its way back to the top.