BKCM CEO: BTC is still bearish, because its address growth rate has not kept up with the price trend

In a recent episode of CNBC Fast Money, BKCM CEO Brian Kelly explained why despite the recent sharp rise in BTC, he remains bearish. He said that this has something to do with the price of the asset exceeding fundamentals. Kelly said the issue of address growth is one of the fundamental indicators he pays close attention to. As early as December of last year, when Bitcoin was in a bear market, address growth was accelerating. This is a huge buy signal. However, the situation is exactly the opposite: the price side of Bitcoin is already ahead of address growth. As for Bitcoin's next move, Kelly believes that Bitcoin has a huge upside, but it may not be reached in the short term.