CEO of BKCM LLC: Bitcoin Is Eyeing $6,000 BTC/USD Target, Says New Bottom Is Being Established
Brian Kelly is known for his work as the founder and CEO of BKCM LLC, which is a crypto investment firm. More recently, he was the subject of an interview with the “Futures Now” show on CNBC, where he discussed what he thinks will be the next Bitcoin target, which he says is $6,000.
He calls the $6,000 mark “probably a reasonable target,” making this statement just after Bitcoin rose by 15% last night, passing $5,000 for the first time in about six months. Based on this data, Kelly suggested that the market is working to find its bottom.
He says that the fundamentals, technicals, and other types of analysis that his company has shows that the bottoming process is starting. Furthermore, he says that the “interesting” aspect of these changes is the fact that it is occurring with the basis of “improving fundamentals and improving institutional sentiment.
Brian Kelly believes that one of the driving forces behind the upturn in the crypto market is the institutional investors involved. With individual investors and multiple brokerage firms becoming more interest, he says that “there’s quite a bid going on under the surface.” Data collected from CNBC indicates that the surge occurred right after a purchase of 20,000 BTC across several exchanges.
Speaking with Cointelegraph, Kelly noted that Bitcoin was 50% undervalued when these changes happened, but he suggested that the crypto asset may dip down to $1,500 for a short time as a result of these changes.
The increase in the Bitcoin price is obviously worth discussing, especially considering all of the predictions in the crypto market at the moment. Arthur Hayes, CEO of BitMEX, had voiced a prediction that Bitcoin would soon see the $10,000 mark during the latter part of 2019. However, he called $20,000 “the ultimately recovery.”
Bitcoin is presently trading at $4,920.40 after a very lucrative day, raising by 9% in the last 24 hours.