Fast Money’s Brian Kelly Remains Bullish On Bitcoin

Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass $39,000, gaining over $4,000 within a day.

Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike.

Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement.

According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual.

Still Bullish On Bitcoin

Kelly responded to a question regarding the price of the asset bouncing back before reaching $40,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.”

Bitcoin continues to see bullish movement. The asset price has now broken $40,000 and continues to trend upward.

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