Friday, December 6, 2019

Brian Kelly Says Bitcoin’s Next Resistance is at the $6,000 Region

Avatar
Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

The air in the cryptocurrency market smells fresh and that can be attributed to Bitcoin’s recent bull rally that has landed its price at $5,175. The latter began in the early hours of April 2nd, and the entire market capitalization of cryptocurrencies is now sitting at $183 billion. With all these events, Brian Kelly has predicted that we can expect the next resistance level to be around $6,000.

Bitcoin’s Next Resistance Will be Around $6,000 to $6,500

While being interviewed on CNBC’s “Futures Now” Show on April 2, Brian Kelly, CEO of BKCM LL, a digital currency investment firm stated that Bitcoin’s next resistance level will be between $6,000 to $6,500. The answer was prompted after he was asked if he saw the old support of about $6,000 being Bitcoin’s new resistance level and he answered in the affirmative.

The CEO also outlined that the charts show something promising for Bitcoin and that the bottom may be in for the virtual asset. According to him, “If you look back at past cycles, they look very similar to this. You have that kind of, one last flush out and then the market starts to trade higher.”

Things are Looking Good from the Technical Point of View

Furthermore, the technical, fundamental, and quantitative point of view reveals that things are looking good. Kelly also said the prices we’re seeing now, “it’s happening on improving fundamentals and improving institutional sentiment.” He added that institutional investors such as high net worth individuals and family offices are one of the major drivers of the surge in price.

Another area that was focused on is the aspect of the Bitcoin Exchange Traded Fund (ETF) whose approval has been pending. When asked if there is a potential for the U.S. Securities and Exchange Commission (SEC) to approve it this year, Kelly stated that he doesn’t think there will be an ETF this year but in 2020. He added that Bitcoin does not need an ETF at the moment given there are other avenues institutional investors are coming into the sphere.

Cryptocurrency Analysts Predict Bear Market is Over

In line with Brian Kelly’s comments, cryptocurrency analysts have also predicted that the crypto winter is over due to several factors. Among these is the market cap that has hit $175 billion which is almost comparable to that of November 2018. Bitcoin also spiked to about $5,000 which is its highest price in five months.

BTCNN on April 3 informed of Nigel Green’s comments that Bitcoin is back. The CEO of deVere Group, a U.K. consulting firm outlined that Bitcoin’s price will move higher in the coming weeks and months which will result in steady gains for investors. The price improvement will also positively impact on other cryptocurrencies, he added.

- Advertisement -
- Advertisement -

Latest News

Bitcoin & Crypto Market Approaching Crucial Break: LTC, BNB, BCH, TRX Analysis

The total crypto market cap is forming a major breakout pattern with resistance near $195.0B. Bitcoin price is slowly rising...

Ripple (XRP) Price Primed For Further Upsides

Ripple price is trading nicely above the $0.2180 pivot area against the US dollar. The price is likely to slowly rise towards the $0.2265 and...

Ethereum (ETH) Flirts With Key Resistance, Bitcoin Up 3%

Ethereum is slowly rising and it is trading above the $146 support area against the US Dollar. The price is facing a few strong resistances...

BDO Network Announces FY19 Global Revenue of $9.6 Billion

CHICAGO & BRUSSELS--(BUSINESS WIRE)--BDO, one of the world’s leading global networks of independent public accounting firms, today announced its global revenue for all BDO...

Persimmony Celebrates 17 Years of Providing Case Management Software Serving the Public Good

IRVINE, Calif.--(BUSINESS WIRE)--On Dec. 9, Persimmony celebrates its 17th anniversary of providing case-management services in the health care and social services arenas. Persimmony has grown...