The crypto bulls are out in full force, and price predictions are back. Crypto trader Brian Kelly has consistently stuck up for bitcoin, even during the market downturn. Now BTC is returning the favor with today’s double-digit percentage rally. Kelly has taken his cue, telling CNBC that the $6,000 to $6,500 range is the new resistance and that’s exactly where the bitcoin price is headed:
“Probably a reasonable target is close to $6,000 for this move.”
Based on fundamentals, bitcoin could rise as high as the $6,500 to $6,800 range before there’s even a hint of it being overvalued in the current cycle. Kelly believes that at the very least, the market has begun to put in a bottom based on historical patterns. He points to a shift in sentiment, one that includes institutions and one that is being fueled by a trifecta across fundamentals, technical signals, and quantitative analysis that his firm BKCM performs.
Bitcoin is blossoming this spring! @BKBrianKelly weighs in on what’s behind today’s 15% move pic.twitter.com/t7sWLycc7r
— CNBC Futures Now (@CNBCFuturesNow) April 2, 2019
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