Bitcoin is Back! This is the Next Thrust Catalyst

The most popular digital currency (cryptocurrency) soared to the level of US $ 12,000 on Tuesday (20/2).

Whereas earlier this month, bitcoin had dropped below US $ 6,000. The future of cryptocurrency is predicted to be pushed up supported some supporting factors.

According to trader Brian Kelly, a rally on Tuesday is a result of the attitude of a number of government regulators who are more receptive to cryptocurrency.

The South Korean government, which earlier said it would crack down on cryptocurrency trade, instead turned the stance of stating it would support even encouraging cryptocurrency operations as long as in normal transactions.

Not only that, on Monday (19/2) local time, the Wyoming government passed the Bill of Cryptocurrency Act.

Reported by CNN, the House of Representatives (DPR) Wyoming has unanimously approved a bill that frees the utility tokens of securities laws. This marks the successful effort to make the United States (US) state into a favorable environment for startup blockchain.

"The sentiment has changed. I think it will start bringing more investors into it, "Kelly told CNBC's Futures Now event.

And if regulatory loosening by regulators brings more investors to bitcoin, there may be more buyers pushing prices to around $ 12,000.

For those who want to trade, Kelly recommends purchasing bitcoin futures Cboe in March at US $ 12,000 with a target of US $ 18,000. But given the very fluctuating bitcoin, it sets a safe point at the level of US $ 10,000.

Bitcoin futures Cboe and CME reached their highest level since Jan. 29 in the bitcoin rally on Tuesday, up 15% and 16% respectively, their best session since trading in December 2017.

Managing partner Fundstrat Global Advisors Thomas Lee, previously believes this year will be a strong year for cryptocurrency. However, large and fairly established virtual money such as bitcoin and ethereum are still predominantly predominant.