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Brian Kelly on CNBC says next resistance is at $6k to $6500 for Bitcoin

Brian Kelly on CNBC says next resistance is at $6k to $6500 for Bitcoin


Today saw Brian Kelly appear on CNBC to discuss the Bitcoin rally the market is currently seeing. During the interview the popular analyst claimed that he felt our next main resistance is coming in between $6,000 and $6,500, while also making some other important observations.
The first interesting point that Kelly makes is that the charts look optimistic that the bottom is in for Bitcoin:
"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."
He goes on to say that it is important to remember that this rise in price comes on top of improving fundamentals as well as institutional sentiment. Kelly then explains that there are a lot of technical traders in Bitcoin, and from a technical standpoint things look quite good as well.
When asked about the ETFs that are currently being reviewed by the SEC and whether they could be approved this year, Kelly was not optimistic, saying in no unclear terms, "I don't think we're going to have an ETF in Bitcoin until well into 2020." He then goes onto emphasize that maybe Bitcoin doesn't really need an ETF right now anyhow, seeing as there is increased institutional interest coming in through a variety of venues already.
Near the end, Kelly is asked if he feels the old support that Bitcoin saw above $6,000 is now the new resistance, to which he confirms, "...technically, around $6,000, $6,500, I would certainly say, at this point, that is resistance."
Will Brian Kelly's observations prove accurate? Will Bitcoin be testing up to $6,000 anytime soon? Stick with Chepicap for any and all updates!

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