The crypto market has slowed over the last few weeks, with Bitcoin (BTC) recording price levels in the mid $7,000s. Nevertheless, Robert Sluymer and Tom Lee, the Fundstrat financial experts, firmly believe that things are about to change soon.
Tom Lee’s Prediction
Lee reiterates his $25,000 projection, this time on Bloomberg. He is by far one of the most famous crypto bulls in the space right now, with constant appearances on mainstream media channels covering cryptocurrency topics.
The main reason behind his $25,000 projection is that financial institutions will start to venture into the crypto world as more profitable business opportunities emerge. Additionally, he believes that the regulatory climate surrounding digital currencies will be more accommodative as cryptocurrencies attain more levels of institutional and retail acceptance.
Lee also cited a Bitcoin indicator he is more obsessed with, the cost of crypto mining. “The fully loaded cost of Bitcoin mining next year is going to be like $14,000, reflecting the difficulty.” He often states that the value of Bitcoin is restrained by the mining costs, implying that BTC prices change to meet the mining charges when necessary.
Robert Sluymer’s Opinion
Robert Sluymer, also from Fundstrat, perceives BTC is bottoming. He highlighted a sequence of higher lows that the value of BTC must hold at if the market retains its bearish state. “We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start the recovery process here.”
He echoed on the day before yesterday’s broadcast that Bitcoin is read to “challenge its downtrend,” with its price trend conceivably assuming an upward trend if it breaks through the present downtrend zones.
In addition, he also highlighted that BTC’s RSI was positioned at quite a low zone, just like the levels witnessed before former provisional upward movements manifested in earlier 2018.
