CNBC’s Brian Kelly Says the Bitcoin (BTC) Bottom Is Almost in, but He’s Still Short
CNBC’s Bitcoin “uber-bull” Brian Kelly, the founder and CEO of digital asset investment firm BKCM LLC, has reportedly capitulated and is now holding a net short position against the top digital asset.
In a recent interview on CNBC’s Power Lunch, Kelly revealed that he has been running a long-short strategy for Bitcoin and that he is currently sitting net short despite his belief that the bottom is almost in.
“We run a long-short hedge fund, meaning at any given time we can be short Bitcoin. It doesn’t mean we don’t like it anymore, but these are markets and we need to trade the markets that we have,” Kelly said.
This may come as a surprise to many who follow CNBC, as Kelly has been advocating for the purchase of Bitcoin for the greater part of the year, all without previously indicating that he could be selling short at any moment. Kelly even recently said that Bitcoin should be at least a small part of an investor’s portfolio.
As we previously reported, some investors are leveraging CNBC analysts as a counter-trade indicator, which at that time turned out to be 95% accurate. Therefore, traders that are subscribed to this school of thought might see Brian Kelly being short as a good time to consider a long position.
Bitcoin is currently up 6.3% over the last 24 hours to $3,746, giving the largest cryptocurrency a $65.3 billion market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.