Kevin Kelly, one of the Co-founders of Delphi Digital, a well-known research firm specializing in cryptocurrencies, shared intriguing perspectives on both Bitcoin and the broader crypto landscape. Kelly's insights shed light on the cyclical nature of the crypto market, and our current position within a nascent cycle, substantiated by market observations. Kelly expounds that the initiation of a crypto cycle is typically marked by Bitcoin achieving a fresh all-time high (ATH) valuation, succeeded by an ensuing 80% decline within the subsequent year. Following this, there emerges a span of two years characterized by a recuperation phase, paving the way for a bullish surge that propels Bitcoin toward another ATH. Drawing parallels between this market trajectory and conventional business cycles, Kelly underscores that pivotal junctures within the standard business cycle have historically offered favourable windows for amplifying one's exposure to risk assets, including Bitcoin. Grounded in historical patterns, there exists a credible prospect of Bitcoin reaching a novel ATH by the fourth quarter of 2024. It's important to acknowledge, however, that, akin to all projections, these forecasts bear certain inherent risk factors.
Primarily, Kelly anticipates the likelihood of a modest selling pressure or price consolidation within the BTC market in the near future, particularly in the wake of the robust recovery witnessed over the past nine months. Moreover, he underscores the potential scenarios of the business cycle either manifesting a deceptive end to its bearish phase, similar to the events in March 2020, or defying projected timelines by extending its bearish phase beyond expectations. Based on figures sourced from CoinMarketCap, Bitcoin is currently priced at approximately $29,333.89, reflecting a minor drop of 0.12% over the preceding day. Remarkably, the token's daily trading volume has surged by 26.38%, boasting a substantial value of $12.2 billion
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