Bitcoin's recent surge could mark a near-term bottom for the volatile digital currency, says 'Fast Money' trader and self-proclaimed bitcoin bull Brian Kelly.
div > div.group > p:first-child"> The digital currency's unexpected surge on Tuesday caught Wall Street by surprise, spurring rumors of a deep-pocketed mystery buyer. Bitcoin prices climbed as much as 20 percent, trading above $5,000 for the first time since November.
"Sentiment has shifted here," Brian Kelly, founder and CEO of digital currency investment firm BKCM, told CNBC's "Futures Now" on Tuesday."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."
"You have that one last flush-out, and then the market starts to trade higher," he said."What's interesting about this move is it's happening on improving fundamentals and improving institutional sentiment." "Even high-net-worth individuals, family offices, are starting to take a serious interest" in bitcoin, Kelly said."There's a couple major brokerage firms that are rolling out some custody solutions. So there's quite a bid going on under the surface."
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