CNBC’s Brian Kelly builds the Bitcoin bull case by referencing a divergent metric that, in the past, foreran the calm before a price storm.
Uncertainty reigns, and market sentiment is extremely fearful. As such, the narrative of a return to crypto winter is strong. However, Kelly’s analysis leads him to believe it’s time to buckle up for a breakout.
Bitcoin Bull Run Still On Track
From peak to trough, a 54% drop from its $65k all-time high was sufficient to spook the market. Short-term investors exited their positions, at a loss, for fear of further downside.
Bitcoin’s flat performance hasn’t helped the matter since its price bottomed at $29k. For the last two weeks or so, BTC has been range-bound on the daily close between $35k and $41k.
Source: BTCUSD on TradingView.com
Although the start of this week resulted in consecutive daily gains, a rejection near $38k on Tuesday has added to the narrative that