Bitcoin market update: BTC/USD next target is $6,000, reckons CNBC’s Brian Kelly

BTC/USD is in the middle of consolidation following the sudden surge yesterday. Bitcoin went ballistic adding more than $900 in less than 24 hours. However, the bulls failed to sustain the growth towards $5,100 resulting in a retracement. The downside found balance below $4,700 before the bulls pushed for gains where BTC/USD approached $5,100 on Wednesday.

The 15-minutes chart shows Bitcoin trading at $4,937 following another correction from the intraday high at $5,093.34. The prevailing trend is slightly bearish but Bitcoin is supported by the 50 SMA 15–minutes. The next support target is observed at $4,900 while the 100 SMA 15-minutes will provide additional support at $4,841.67. If a reversal occurs below yesterday’s support at $4,700 Bitcoin could extend the losses towards the former resistance at $4,200.

Meanwhile, Brian Kelly CNBC’s contributor has expressed his positive sentiments towards Bitcoin. Kelly suggests that the next level Bitcoin is focusing on is $6,000. The gains are expected after Bitcoin broke past the key level at $4,200. The break above $6,000 will place Bitcoin at the level of November 2018. According to Brian Kelly:

“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.”

BTC/USD 15-minutes chart