Crypto investor Brian Kelly says many altcoins could start to rise next month, following Bitcoin’s (BTC) massive rally.
In a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM say that he expects some altcoins to rise in January following a historic price pattern.
“What we’ve seen generally in the bull markets is that about a month after Bitcoin moves, it starts to move into the altcoins. So we saw the breakout of Ethereum [Sunday] night and then Solana and then it starts to go down the list and that’s what I would expect. Let’s call it January or something.”
He also says that crypto markets were under downward pressure from macroeconomic conditions for about two years, but now those conditions are changing to make risky assets like Bitcoin more attractive to investors.
“I think it’s a macro tailwind. We’ve been battling the macro headwinds for almost two years now, rising interest rates, a stronger dollar, all of that. The Fed is probably done. Europe has a real problem on its hands. China has a huge problem and Japan is unlikely to tighten its policy. So when I look at global liquidity, I think, yes, gold and Bitcoin, they will both do well in this environment.”
Finally, he predicts that Bitcoin will follow a historical price pattern and experience a massive rally after April 2024, the date of the next halving, when miner rewards will be halved.
“What we’ve seen historically is that the 12 to 16 months after a halving is Bitcoin’s best performance. So that’s on everyone’s mind. This time it may be different because the price of Bitcoin is higher.
We now only have, I think 900 Bitcoin coming out per day, so that will be halved. It’s not a lot of Bitcoins. But what it does do is make Bitcoin scarcer than gold. So for the first time in history you have an asset that is scarcer than gold.”
Bitcoin is trading at $43,762 at the time of writing, up 4.9% in the past 24 hours.
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