CNBC contributor Brian Kelly sees some positive signs for the bitcoin and the market, following its attention-grabbing rise in value in the past day (which appears to have been triggered by a massive mystery order), CNBC reports.
Kelly said that the next price level that bitcoin (BTC) will be targeting is $6000. Having broken through the $4200 mark, which many saw as pivotal for its rise to $5000, investors are hopeful can break through the $6000 barrier, which bitcoin was last at in November 2018.
The CEO and founder of cryptocurrency investment firm BKCM LLC was interviewed on CNBC’s Futures Now segment, and said that the market was discovering where its bottom levels are,
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.
Reports are releasing that the price surge is perhaps due to the aforementioned mystery order, 20,000 BTC, spread across multiple exchanges. The order may have set off a large number of trades executed by bots. Kelly however, said that the influx of institutional and high-profile investors also contributes to the upward trajectory,
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.
Many analysts seem to agree that the bitcoin and the market in general will pull itself up in the latter half of 2019. Fundstrat’s Tom Lee gives it a window of six months or so, while BitMEX CEO also expects bitcoin to reach some of its former glory at the end of 2019.