Opinion: Bitcoin may fall to $ 1,500, but still remains undervalued

The price of bitcoin can still fall not only below $ 3000, but in the long run to $ 1500. Nevertheless, the first cryptocurrency remains at least “under 50% undervalued,” Brian Kelly, the CEO of the investment group BBC CNM and permanent commentator on CNBC, told Cointelegraph in an interview.

“For me, as an investor, the main issue is price. I look at the price and I can say that we have already seen three or four cycles of ups and downs. If you look at the last two of them, now we are roughly following the same pattern as before, and this means that the completion of all this is somewhere close. But we can still fall, and it won't surprise me at all, ”said Kelly.

When asked whether Bitcoin could fall below $ 3000, he replied:

“Of course. I won’t even be surprised if the price drops to $ 1,500. ”

Nevertheless, Brian Kelly believes that if such a scenario is implemented, it will be short-term.

“I think we are nearing the end [of a bearish trend]. Those who sold earlier, did it forced. Some CEOs said they needed cash because they could not keep their cryptocurrency assets all the time. I do not know if the cycle has already been completed, but there are signs of the end of this trend, ”the expert noted.

Moreover, given the geopolitical frictions in the world, Brian Kelly believes that in 2019 the value of such cryptocurrencies such as Bitcoin, Litecoin and some others will grow, and many investors will abandon gold as a means of saving value.

“We can already see how some global macro players use bitcoin as an alternative to gold or as a hedge against the volatility of fiat currencies,” he added.

At the same time, Brian Kelly noted that stability is not always what investors need.

“Investors are looking for a safe haven that would not correlate with other assets. Therefore, in terms of investment and speculation, stability is not what is really needed. Investors need volatility because they want to make a profit, ”he said.

Earlier, Brian Kelly said that it is unlikely that in 2019 the expected bitcoin funds (ETF) by many will be approved by US regulators.

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