Bitcoin’s rally is far from over, according to market analyst Kyle Wool. In a recent interview, Wool expressed strong optimism for the cryptocurrency, stating he “would not be shorting it.” He cited several factors contributing to Bitcoin’s positive momentum, including a potentially crypto-friendly SEC chair, former President Trump’s increasing engagement with crypto, and the likelihood of a dovish Federal Reserve.
Wool, who admits to not having been a Bitcoin proponent in the past, now believes the cryptocurrency has reached a “legitimacy moment,” solidifying its status as a currency. He suggests holding existing Bitcoin positions and even buying on dips.
Shifting to artificial intelligence (AI) and big tech, Wool highlighted promising investment opportunities. While acknowledging that significant gains have already been made in the chip sector, he pointed to data centers as a particularly attractive area. He cited the recent surge in Credo Technology Group (CRDO) stock and Vertiv Holdings (VRT) reaching new highs as evidence of this sector’s strength.
Wool also reiterated his bullish stance on nuclear energy, specifically small modular reactors (SMRs), mentioning NuScale Power’s impressive 750% gain. He noted recent announcements from Google and Meta regarding increased investment in nuclear power and SMRs, further reinforcing his optimistic outlook. He sees a synergistic relationship between AI, data centers, and nuclear energy, with the latter providing the power needed for the expanding AI infrastructure.
Wool remains firmly in the bull camp, believing the current market rally has further to run. He pointed to the increasing valuations of upcoming IPOs like xAI and SpaceX, along with the anticipated public offering of Cerebras Systems, as further indicators of a strong market.
