Tom Lee: Bitcoin rate under $ 7,000 possible and ideal as an entry point
Bitcoin and the aggregated crypto market have experienced a notable influx of selling pressure over the last few hours which has caused significant damage to many of the crypto-currencies as several prominent analysts claimed that this recent decline opened the door for further losses.
Although it is not uncommon for analysts to decline after a downturn, a prominent bitcoin “Permabull”, who rarely mentions even a hint of bear market, now finds that markets are soon trading below 7. .
Bitcoin is sinking towards $ 7. Will the support last?
At the time of writing, Bitcoin is trading at just 7 490 $ and has reached the lows of 7
. $ continued to find support. It is important to note that the price of Bitcoin at popular margin trading venues like BitMEX is several times towards 7th 300 $ but every visit to this region has been confronted with a certain buying pressure, which has supported its short-term price action.
It is very likely that the lower range is 7 US dollar will remain a support region in the near future. Thomas Lee, head of Fundstrat Global Advisors, recently spoke to Financial Review, saying that he remains firmly convinced that the “crypto-winter” end 2018 has come to an end and that the markets are still in a bull run.
“For the most part, our current framework is that the crypto-winter end and Bitcoin in a new bull market … but like the previous bull markets, the price hike is not steady and we are in the midst of consolidation with a potential short-term downside risk, “he said.
Will BTC fall below $ 7.
Although Bitcoin seems to have some support within the lower 7th 08 $ Region and still could be in a macrobullied market – according to Lee's statement – it seems that BTC has been in the maelstrom of a downtrend since it hit its high for the year 14. 000 $ has reached.
In this regard, Lee noted that he believes markets will soon be under $ 7. could fall per bitcoin, but this is an ideal entry point as it expects market conditions in the next 13 weeks will improve.
“Bottom line: we remain risk-free for Bitcoin and Krypto, but see a higher probability that the conditions within the next 10 Weeks improve. Therefore Bitcoin at 392 would be an attractive risk / reward ratio, “he explained.
Text Proof: newsbtc