Predicting the behavior of Bitcoin’s price has become a common occurrence in the last few months, especially since the notorious collapse that started in mid-November. Some pundits still defend the notion that BTC will go up in a hurry, while other have said that it will become almost worthless.
Brian Kelly has decided to take a more conservative, yet positive stance. The CEO and Founder of BKCM LLC, which is a digital currency investment company, explained amid a recent price surge that BTC’s next target is to surpass the $6,000 threshold, in an interview with American network CNBC on April 2nd.
A “Reasonable” Target
Kelly provided his opinions on CNBC’s “Futures Now.” There, the expert said that “probably a reasonable target [for Bitcoin] is close to $6,000 for this move.” In the last few days, Bitcoin finally showed significant improvement price-wise, temporarily eclipsing the $5,000 mark after weeks of struggling below $4,000.
At the moment of writing this piece, BTC was exchanging hands at $4,997.01, an impressive 19.48 percent increase in the last 24 hours. The total market cap of the world’s most famous crypto asset was $88,049,983,758, with a daily trading volume of $23,872,503,381.
The surge is welcome news for numerous investors around the industry. Bitcoin has experimented a wild run since January 2018, when it almost reached $20,000 at one point. From there, the collapse started, and before the blink of an eye, it had stabilized in the $6,000-$6,500 range until another free fall began on November 14th.
An Infamous Slide
That day, BTC started sliding and in a matter of weeks, it had reached under $3,200 for the first time in over a year. Right now, however, there seems to be growing enthusiasm about the future prospects of Bitcoin in the middle of a bullish market that has skyrocketed the price in the last few hours.
“All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process. […] What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment,” Kelly explained on the show.
Kelly believes that institutional investors coming into play is one of the primary factors behind Bitcoin’s latest surge. “Even high net worth individuals, family offices, are starting to take a serious interest. There’s a couple major brokerage firms that are rolling out some custody solutions. So there’s quite a bid going on under the surface.”
A 20,000 BTC Purchase
CNBC reported that BTC upturn came after a 20,000 BTC purchase in several cryptocurrency exchanges, which would represent a 0.11 % of total BTC supply of 17,620,525 BTC at the moment of making the calculation.
Arthur Hayes, a well-known crypto bull and CEO of BitMEX, predicted in March that Bitcoin would get to the $10,000 mark in 2019, forecasting a market recovery by the end of the year, specifically in the first part of the last quarter.
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. […] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000,” he said back then.
By: Andres Chavez