Brian Kelly: Bitcoin ends the bear cycle, 6,000 USD are the next target
Home News Brian Kelly: Bitcoin has the bear cycle ends, 6,000 USD are the next target
Marcus Misiak –
For more than eight days of Bitcoin (BTC) is in a steady upward trend. During the “Spike” from last Tuesday, made up the largest part of the gains of the last week, it is the crypto-market, managed, continuously, to grow with smaller Korrektureren in between. This has led to that the market sentiment is very optimistic and the majority of the experts of the soon-to-be breakout in a bull market believe.
In the American TV-Show CNBC’s “Fast Money,” said Brian Kelly, the CEO of BKCM, that bitcoin was the most recent step in over 5,000 US-dollars, in fact, a revival, and added that there is a fast-growing Chance that the low point of 3,150 USD, which was reached in December, was likely to be the final low for this bear cycle.
The statement is based on various indicators, such as the number of active addresses, a number that he sees as a strong Signal of the strength of Bitcoin. This number, so Kelly is 26% higher than in January, while the transaction numbers and Hash are exploding Rate. However, this is not the Only thing that applies to currencies at the Moment for BTC and other Crypto, because Kelly also mentioned the fact that institutions are still in the preparation phase. In particular, the recent introduction of the institutionally-oriented platform of Fidelity Investments, coupled with the recent Record highs in the Bitcoin Futures contracts of CME , votes Kelly is very positive.
This led him to the conclusion that Bitcoin will reach in the next two years “without question” new all-time highs in the next bull cycle. The “Halving” of the Block Rewards of Bitcoin in Kelly’s eyes will also be another important factor for a new rally of Bitcoin.
BTC is moving in the direction of the $ 6,000-mark
Kelly said, “has changed the mood, in principle,” and stressed the euphoria, the returns in the crypto industry at the moment.
He explained that “high net worth individuals and start individuals, Family Offices, that are seriously interested in Bitcoin”, as the Custody solutions are increased, the volumes are increased, and short sellers “want their cover the buttocks” – a strong Argument for a further rally. And so he came to the conclusion that a “reasonable goal” for the current rally, which has been dragging on for the past six weeks, “$ 6,000”. And Kelly’s CNBC colleagues are similarly bullish. Tom Lee, for example, claimed that “old Walgeldern, the buy Bitcoin” and a “lot of positive things taking place in the industry,” $ 14,000 a fair valuation for Bitcoin might be.
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