-Bitcoin news, price, information & analysis Brian Kelly, CNBC’s foremost crypto analyst, has long been held as a Bitcoin permabull in the eyes of many. His most recent appearance on CNBC only cemented this theme, as Kelly reasoned why the crypto market could head upwards within the next few days.
On Tuesday, the crypto market saw a strong rebound of near-YTD lows, with a majority of assets posting gains of upwards of 7-8%. While this move was welcomed by cryptocurrency bulls, it was unclear if there was a catalyst for this specific recovery.
Nonetheless, CNBC Fast Money’s Brian Kelly did his best to postulate the reasoning behind this resurgence on prices. Kelly opened up his segment by calling the market’s recent price action “a wild ride,” alluding to the motions the market has gone through on a near-daily basis.
The trader first drew attention to the average performance of BTC before, during, and after the expiry of CBOE Bitcoin futures. According to statistics gathered by an associate of Kelly’s, BTC often does poorly in the days leading up to an expiry date, posting losses of an average of 7%.
But as an expiry date nears and passes, BTC experiences an average of a 10% move upwards. Moreover, the founder of the BKCM fund went on to bring up previous expiry events, where Bitcoin surged nearly 20% in a mere six days following mid-April’s futures expiry. Read more from newsbtc.com…
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