Fundstrat’s Tom Lee Says: Bitcoin Will Recover By The End Of The Year, But Less Than Expected

At the time of this writing, one Bitcoin is equivalent to $5,483 as the world’s number one cryptocurrency aims at recovering from the present intraday low of $5,462.

BTC/USD has risen by 5.8% from the low $5182 it had on 15th October as a result of the collapse of the global crypto market. In the last seven days, the coin has lost over 13.5%, which has led many crypto experts to reduce their initial Bitcoin Price forecasts.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,217.45
-0.09%
Ethereum (ETH)
$238.97
-0.76%
Bitcoin Cash (BCH)
$236.71
-0.31%
XRP (XRP)
$0.199133
-0.66%
Litecoin (LTC)
$44.08
0.15%
Bitcoin Gold (BTG)
$9.22
-0.50%

Therefore, Tom Lee (CEO of Fundstrat) cut down his initial end of year price target by almost 50% from $25000 to $15000. In a client’s note, he wrote: “While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.”

Mr Lee revealed that eventually, the price of Bitcoin will return to the breakeven point where the price will match the costs of mining. Fundstrat’s data science team revealed that the level has moved from $8000 to $7000.

Technically, BTC/USD will find it very difficult to regain some growth as strong resistant levels have surrounded its present price.

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.