Brian Kelly on CNBC’s Fast Money told the panel that although he agrees with Goldman Sachs’ recent bullish call, he still feels that new money has yet to come in. Until the fundamentals change, Bitcoin will have a hard time moving further upward.

Major institutions are signaling to investors that Bitcoin is set for another leg-up. Goldman Sachs recently made the rare call, aiming for a target of $13,971. What comes next though, CNBC analyst Brian Kelly argues, may be a breakdown.

Kelly says he “likes the call” by Goldman Sachs considering that Bitcoin, like any other commodity, generally ends a rally with a forceful leg up. However, he still sees major problems in the Bitcoin market. His main concern is that there has not been enough growth to accompany this recent move up. This fundamental metric is generally a tell-tale sign that new money is coming in. According to Kelly, this simply isn’t happening which indicates that the next move up won’t be sustainable no matter how strong the push is.

Kelly further elaborates that investors are currently using Bitcoin as a currency hedge amid a chaotic foreign exchange market. As he points out, this is also the first time Bitcoin has risen parallel to gold for this same reason. Yet, this is purely speculative and until new buyers come in, this is simply not sustainable. Macro-players may be trading Bitcoin now, but they will soon hedge their risks elsewhere as market conditions change.

Charting Bitcoin since 2013, Kelly is not new to the crypto-market. His call should not be taken as bearish either. He is simply pointing out that the number of new addresses and buyers needs to ‘catch up’ to the speculative rally currently being caused by an unstable currency market.

Do you agree with Kelly’s call? Do you believe that Bitcoin needs new buyers to sustain its momentum or is it just undervalued now? Let us know your thoughts below.

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