Investor Brian Kelly warns Bitcoin (BTC) may soon suffer a significant market correction after soaring into the $60,000 range.
In a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says Bitcoin could decline to around $43,000, a 30% drop from its current value.
“This is an asset that is still extremely volatile. If it pulled back 25% or 30% wouldn’t surprise me at all, but long run I still think we go to new highs.”
Kelly believes that if Bitcoin corrects, people may funnel money they earned from the crypto king’s recent rally and pour it into other digital assets, which could ignite massive rallies for several altcoin projects.
“I do think there could be a rotation trade coming though, because we had a lot of excitement about Solana, and it ran into a little bit of headway. If [Wednesday] was this short-term top at $64,000 for Bitcoin, what typically happens in a bull cycle is all that money that was made in Bitcoin and Ethereum starts to look for another home.
So you look at Solana, you might look at something like a Chainlink, you know one or two down that have a real use case and a real reason to exist. I think they could actually be the beneficiary of a pullback in Bitcoin.”
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- Source: https://dailyhodl.com/2024/02/29/investor-brian-kelly-says-bitcoin-could-fall-by-up-to-30-says-these-altcoins-could-benefit-from-a-btc-pullback/
