Bitcoin Price drops below $7400, and analyst says ‘It’s not the worst yet’

Bitcoin lost most of its gains from mid-April to early May, down to $ 7,400. Tom Lee continues to believe Bitcoin will reach $ 25,000 in 2018, another analyst says, “It has not been the worst yet.”

Bitcoin dropped below $ 8,000 yesterday and traded at $ 7,400, losing most of its gains from mid-April to early May. Bitcoin, with yesterday’s decline, declined by about 41 percent this year.

Fundstar’s founding partner and strategist Tom Lee renewed his belief that Bitcoin would reach $ 25,000 this year in a program that CNBC participated in yesterday. Lee also said that one of the key factors that could trigger price increases in Bitcoin is corporate investors who can not enter the sector exactly because of legal uncertainties when they are interested in the crypto field.

“I think corporate investors are very interested in cryptography, and they have not entered cryptography because there are some legal uncertainties,” Lee said. But entering a crypto as an asset class will be a powerful reason for Bitcoin’s rise. ”

Meanwhile, another analyst, Market Watch, commented on Jani Ziedins, saying that the crypto currencies are still in a downward trend and that there is a $ 7,000 support at Bitcoin. “We should not expect lower prices,” he said. Ziedins further stated that Bitcoin should reach its lowest level in the next few months.

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Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.