What Is Brian Kelly’s Prediction For Bitcoins?

With Bitcoin’s rally from $4,000 to $5,000, Brian Kelly has predicted that, “probably a reasonable target is close to $6,000 for this move” which he believes is a fair amount for Bitcoin at this point of time. Even though it is impossible to gauge what the fair value of Bitcoin is, there are several metrics that attempt to do just that.

On being asked what the market’s perception of Bitcoin is, Kelly said,

“I do think the sentiment has shifted here. All indications that we have, whether it be fundamentals, technical, quantitative analysis that we do, all suggest that we probably have at least started to put in the bottoming process. If you look back at patterns of past cycles it looks very similar to this. You have that kind of one last flush out and then the market starts to trade higher.”

It seems that Kelly believes that the last flush out has already taken place and Bitcoin prices from here on will only be on the rise. Kelly stated,

“It’s happening on improving fundamentals and improving institutional sentiment.”

Kelly, who has been an active member of the crypto world stands a better chance to judge the level of interest in cryptocurrencies from large institutions, than most and he claims that the news is positive.

“You’re starting to see a fair amount of institutional interest in this space. By institutional I mean even high net worth individuals, family offices, are starting to take a serious interest. There are a couple of major brokerage firms that are rolling out some custody solutions. So there’s quite a bit going on under the surface that you know just kind of mechanically could have the same impact as an ETF.”

When asked about a Bitcoin ETF, he elaborated that he doesn’t expect to see an ETF passed until 2020 but he also mentioned that he doesn’t believe it matters that much at this point because, at the end of the day, people are investing in Bitcoin, their interest in it is growing and it’s happening without Wall Street’s help. He also hopes that this continues and by the time an ETF does get passed there are so many things happening in crypto that it’s like throwing fuel on an already massive fire.