The crypto bulls are out in full force, and price predictions are back. Crypto trader Brian Kelly has consistently stuck up for , even during the market downturn. Now is returning the favor with today’s double-digit percentage rally. Kelly has taken his cue, that the $6,000 to $6,500 range is the new resistance and that’s exactly where the price is headed:
“Probably a reasonable target is close to $6,000 for this move.”
Based on fundamentals, could rise as high as the $6,500 to $6,800 range before there’s even a hint of it being overvalued in the current cycle. Kelly believes that at the very least, the market has begun to put in a bottom based on historical patterns. He points to a shift in sentiment, one that includes institutions and one that is being fueled by a trifecta across fundamentals, technical signals, and quantitative analysis that his firm BKCM performs.
is blossoming this spring! weighs in on what’s behind today’s 15% move
— CNBC Futures Now (@CNBCFuturesNow)
bitcoin ETF Rumors Percolate
It’s important to note that much of the gains in the appear to be being fueled by the technical signals, both short- and long-term. And while there is scuttlebutt that U.S. regulators could approve two ETFs in the coming weeks, Kelly isn’t ready to place that wager.
He doesn’t expect a to see the light of day “until well into 2020,” he said, pointing to regulators that aren’t quite comfortable with the idea of the product yet. Regardless, investors aren’t going to let that spoil the party.
“I don’t think you need it. You’re starting to see a fair amount of institutional interest in this. And by institutional I mean even high net worth individuals, family offices are starting to take a serious interest…There’s quite a bit going on under the surface that just kind of mechanically could have the same impact as an .”
Fundstrat’s Tom Lee Is at it Again
Not to be outdone, Fundstrat co-founder provided his own analysis. Even after giving up on price predictions in the crypto winter, Lee can’t ignore the bullish signs, chief among which is above its 200-day moving average.
He says:
“Definitely a positive development that is now above its 200-day moving average,” adding that many consider it to be a sign that is in a “positive trend.”
1/ CRYPTO
Definitely a positive development that is now above its 200D mov. avg.
–Many consider P>200D as sign of in positive trend
– acts significantly better P>200D, a win-ratio of 80% vs 36% when P<200Dsource: data scientists
— Thomas Lee (@fundstrat)
Lee reminds his followers of this oldie but goodie – that the price is most influenced by the ten best days of each year. Without those ten best days, the price has actually shed one-quarter of its value annually over the last six-year stretch.
The price tends to make most of its yearly moves during a handful of frantic days of . | Source: Tom Lee/Fundstrat
The price is currently hovering at nearly $4,800, up 15% for the day, and is continuing the trend of robust volume at $19.2 billion.
Published at Tue, 02 Apr 2019 21:01:03 +0000
