Brian Kelly Reveals Just How High This Bitcoin Rally Will Go
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
Bitcoin ETF Rumors Percolate
It’s important to note that much of the gains in the bitcoin price appear to be being fueled by the technical signals, both...
The Cryptocurrency Volume Plague Could Actually Raise Odds of Bitcoin ETF Approval
In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal.
Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons.
This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in the bitcoin exchange market is fake and that a substantially large portion of the global bitcoin volume comes from the United States.
Ironically, the fake volume plague in the cryptocurrency exchange market may increase the probability of a bitcoin ETF approval.
The Fake Crypto Volume Paradox
Two years ago, when the SEC rejected the first bitcoin ETF proposal filed in the U.S., the commission emphasized three factors:
- Vulnerability to manipulation
- Lack of regulations in overseas markets
- Lack of surveillance
“The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated,” the SEC said at the time.
In the past two years, major overseas cryptocurrency markets in the likes of...
Bitcoin Bounces But Bears Still in Control: $BTC Price Analysis
Bitcoin price just pulled off a nice 10% bounce with the next level of resistance at $3,700. Let’s take a look at what can happen next?
Bitcoin Price: Market Overview
Bitcoin price $3645.85 +0.59% dropped to a new yearly low at $3,210 and the overall market cap now rests at $110.6 Billion. Clearly, bears are still running the show for BTC and the SEC’s final postponement of a Bitcoin exchange-traded fund decision didn’t seem to help.
Crypto-fanatics will now need to wait until January 24th for the launch of Bakkt and February 26th for a final approval or denial of a Bitcoin ETF from the SEC. If the cryptocurrency markets’ trend reversal is dependent upon either of these events then we’ve got a long way to drop waiting on the unpredictable outcomes of each of these events.
4-HR Chart
Bitcoin $3645.85 +0.59% broke below the $3,550 and $3,400 supports and the cryptocurrency will likely mean that $3,700 will post a stiff resistance to overcome. However, at press time, BTC price has managed to break above the $3,600 mark and now looks poised to test $3,700.
The bounce from $3,210 to $3,615 was...
Financial institutions including Morgan Stanley and Citibank are creating digital currency investment products
So far, this year has been marked by bad news for institutional investors interested in pursuing cryptocurrencies.
One of the most lauded and most highly anticipated crypto investment instruments, the crypto Exchange Traded Fund (ETF), has faced steady regulatory headwinds as the SEC continually rejects attempts to bring ETFs to market.
Since many crypto enthusiasts see institutional investment as the next frontier for crypto adoption, these setbacks are frustrating. However, that doesn’t mean that all opportunities for institutional investors are impossible.
In that regard, it’s been a big week for Bitcoin as a series of leaks reveal that major financial institutions, including Morgan Stanley and Citibank, are creating or developing investment products intended to provide their substantial customer base with access to digital assets.
Morgan Stanley is preparing a crypto product
This week, Bloomberg reported that Morgan Stanley is preparing an investment product that will provide their customers access to Bitcoin derivatives. Citing an anonymous source, Bloomberg contends that Morgan Stanley will provide customers with “synthetic exposure” to Bitcoin markets by enabling investors to take long or short positions on the digital currency.
In this way, Morgan Stanley is joining several other mainstream financial institutions striving to produce mechanisms for their clients to trade in Bitcoin without providing direct access to digital currencies. Bloomberg’s source notes that Morgan Stanley will charge spread fees to accommodate the inherent risks in brokering Bitcoin products.
Although...
Germany’s 2nd Largest Exchange Deutsche Borse Launched a Cryptocurrency Trading Platform
The race for crypto dominance is heating up in Germany after the country’s largest stock-exchange operator announced the creation of a new blockchain unit. The announcement came one month after Borse Stuttgart, Germany’s second-largest exchange operator, launched a new cryptocurrency trading platform.
Deutsche Borse Launches Blockchain Unit
The Frankfurt-based Deutsche Borse AG has created a centrally-steered unit dedicated to ‘DLT, Crypto Assets and New Market Structures,’ according to a press release that circulated Monday. The 24-person team, led by Jens Hachmeister, will further advance Deutsche Borse’s work in the blockchain arena.
“Deutsche Borse has been active with the technology in a first phase of ideation and exploration,” Hachmeister said in a statement. “We invested in various initiatives to create a sound understanding of the trends, the technology and its potential within the traditional segments of our value chain.
In order to use the full potential of the technology for our businesses, to generate efficiencies and create revenues, a centrally steered approach is necessary to make a greater impact,” he added.
Last month, Deutsche Borse acquired a minority stake in HQLAx, a liquidity and collateral management firm that is developing a new platform for blockchain-based securities lending.