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Brian Kelly Names Key Tailwinds for Bitcoin Price

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Sat, 10/09/2021 - 13:03
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Alex Dovbnya
The “Fast Money” trader has shared his take on Bitcoin’s recent recovery
Brian Kelly Names Key Tailwinds for Bitcoin Price
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CNBC Fast Money trader Brian Kelly recently mentioned that Bitcoin had gradually turned into a macro asset.

This, according to the analyst, explains why it is sensitive to the “debt ceiling” drama that recently started dominating headlines in American business media:

It is starting to respond to stuff like the debt ceiling drama and higher inflation.

He further notes that the correlation between Bitcoin and oil is actually positive on a 30-day rolling basis, which signals that institutional investors are increasingly using the benchmark cryptocurrency as an inflation hedge.

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Kelly is also convinced that the possible approval of a futures-based Bitcoin exchange-traded fund has emboldened the bulls:

Both of these things are tailwinds here.

Bitcoin is currently up 32 percent over the past 10 days after reclaiming the $55,000 level earlier today.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.