Bitcoin’s Next Target Is $6,000 With Crypto Markets Bottoming, Says Brian Kelly

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As reported by CNBC on April 2, Kelly stated this in an interview on CNBC’s “Futures Now” show. Kelly stated that “probably a reasonable target [for Bitcoin] is close to $6,000 for this move.” The statement comes in the wake of a recent price surge that lead the coin to skyrocket by over 15 percent and broke the $5,000 price mark for the first time since last November.

“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.”

“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.”

Kelly said in an interview in February with Cointelegraph that Bitcoin was 50 percent undervalued at the time. Kelly, however, added that he would not be surprised if Bitcoin went to $1,500 for a short term.

“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.”

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