January 2020 has become an active month for the cryptocurrency market after several popular coins saw major hikes in value. In this increasingly bullish atmosphere, Bitcoin has remained steady in its quest to reach new price highs.
The popular financial analyst Brian Kelly claimed that Bitcoin had gone a bit bananas this year after resurgent comebacks from bearish territories, The world’s largest cryptocurrency rose by 22 percent this year. This growth has come in the span of 15 days, with many claiming that the bear run was upon us.
Brian Kelly’s comments were, however, a complete one-eighty from the popular market sentiment. In his words:
“If you look at the Bitcoin’s price movement right now, you cannot really call it a comeback. Even though the current price point has not been since last September, Bitcoin has still not broken any long-held record. Bitcoin was the best performing asset last year, peaking with an 80 percent growth.”
According to Kelly, the current trajectory was just reminiscent of the cryptocurrency’s 2019 performance. The only thing that users need to notice is the address growth metric, which speaks volumes about the market’s actual condition, said Kelly.
The CNBC official stood firm on the fact that a lot of people do not pay attention to the fundamental pieces of the Bitcoin prize puzzle. He stated that mispricing the Bitcoin address growth was one of the few reasons why people lost money in Bitcoin trades.
If the address growth of Bitcoin is more than its price, it usually means that it is a buy signal. At the time of writing, Bitcoin’s price was more than the address growth which was usually indicated that people need to HODL their assets. Brian Kelly claimed that there will be a huge upside for Bitcoin, but the turn will not occur “tomorrow”.
Conclusion
Kelly may have been right about Bitcoin’s price dynamic because, for the first time in a week, the hourly and daily growth blinked red. Bitcoin was trading for $8625 with a total market cap of $156.67 billion. After a 24-hour fall of 1.32 percent, the 24-hour market volume had fallen slightly to $34.67 billion.