Crypto investor Brian Kelly says that many altcoins could start surging 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 says that he expects some altcoins to start rallying in January following a historic price pattern.
“Generally what we’ve seen in bull markets is about a month after Bitcoin moves, it starts to go to the altcoins. So we saw Ethereum breakout [Sunday] night and then Solana and then it starts to go down the list and so that’s what I would anticipate. Let’s call it January or so.”
He also says that the crypto markets were facing downward pressure from macroeconomic conditions for about two years, but now those conditions are changing to make risk assets like Bitcoin more appealing to investors.
“I think it’s a macro tailwind. We’ve been fighting the macro headwind for almost two years now, rising rates, stronger dollar, all of that. The Fed’s probably done. Europe has got a real problem on their hands. China’s got a massive problem on their hands, and Japan is unlikely to tighten. So when I look at global liquidity, I think, Yeah, gold, Bitcoin, both of them are going to do well in this environment.”
Lastly, he predicts that Bitcoin will follow a historic price pattern and go on a massive rally after April 2024, the date of the next halving event, when miners’ rewards are cut in half.
“What we’ve seen historically is that the 12 to 16 months after a halving is the best performance of Bitcoin. So that’s what everybody’s thinking about. This time might be different because the price of Bitcoin is higher.
We now only have, I think it’s 900 Bitcoin a day that come out so that gets cut in half. It’s not a lot of Bitcoin. But what it does do is it makes Bitcoin more scarce than gold. So for the first time in history, you have an asset that is more scarce than gold.”
Bitcoin is trading for $43,762 at time of writing, up 4.9% in the last 24 hours.
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