Bitcoin can see another 20% Leg Up From Here
Bitcoin (BTC) bulls are back. That's right, they seem to be back. According to the Brian Kelly appearance of CNBC's latest "Futures Now" and "Fast Money" segments, the crypto course market may increase higher after Tuesday morning's rally, pushing the BTC over $ 4,200, $ 4,400, $ 4,600, and even $ 5,000 in quick order.
Kelly, CEO of Cryptocurrency Investment Group BKCM, explained that "the feeling has shifted here" and touches the euphoria that this industry has begun to witness. He adds that after his company's analysis, which weighs basics, technicals and "quantamentals," it is clear that the bottom process of the crypto market is likely to be good in the work.
In fact, he explains that "high net-world, family agencies, are starting to take a serious interest" in Bitcoin, all that custody solutions have supported, volumes have spiked and short sellers who want to cover their rear ends ̵
This comes just weeks after the investor, who frequent CNBC as a contributor, told CoinTelegraph that the BTC is probably drastically undervalued. As reported by Ethereum World News, he claimed when the BTC traded at $ 4,000 that BTC is "about 50% undervalued," adding that too negative a sense (what some call FUD) has pushed BTC far below what would be considered as "fair". Of course, a 50% win over $ 4,000 is $ 6,000.
Kelly is not the first to call $ 6,000 in recent memory. Filb Filb recently explained that if BTC conversely follows the price watch seen from July to December, the active single could spike up to $ 6,000.
Why $ 6,000 is so important to BTC
Although Kelly and Filb are probably too optimistic that It says, $ 6,000 has been recognized by many analysts and traders as one of the most important, as Bitcoin held it for several months summer.
Don Alt, a remarkable crypto analyst and business personality, recently exclaimed that a "higher low combination with a higher high" (as BTC recently saw) does not conclude that the bear is dead. He added that to BTC convincingly violates $ 6,000, it would be irrational to decide whether this market is either in a "bull" or "bear" state. In other words, this asset class is currently in scabies.
This feeling to a tee around the industry. Magic Poop Cannon noted on TradingView that BTC will trade below $ 6,000 for most, if not all, 2019, suggesting that the recent explosion is not a decisive sign that a move over $ 5,000 and beyond is in store.
Lately, Armin Van Bitcoin explained that to confirm that the bear market has ended, "we must break over $ 6,000," as there is "too much resistance" at that level.
Title Image Courtesy of Dmitry Moraine Via Unsplash