Throughout 2018, Bitcoin’s price has continued to fluctuate between highs and lows as from $5,500 to $10,000. According to Tom Lee, the coin’s price is currently on a reversal trend which will see it achieve new levels in 2018. Lee attributes this Bull Run to new positive developments and events that will take place this year.
Bitcoin’s price dropped 1.31% over the past day at press time. This translates to a price of $6,573, meaning that the coin’s price has slipped somewhat during the last 24 hours, after managing to cross that $6,700 level yesterday.
The price broke out of the moving averages but continues to face resistance at the previous intraday high of $6,831. The downtrend line of the descending triangle is located just above this level at $6,930. As such, bears might stage a stiff resistance at this point.
However, if bulls manage to break past this downtrend line, a move above $7,500 may be possible. There might be a strong bout of short covering if this level is scaled. Currently, the moving average is flat and the RSI is close to the neutral zone, suggesting that consolidation in the short term. A bull run may appear if the coin’s price sustains above $6,930.
News and Developments
Recently, several experts have been trying to predict Bitcoin’s future, with many stating that the coin’s price will surprise the industry. One of these experts is Fundstrat’s Tom Lee, who believes that Bitcoin price is on a reversal trend. Lee supported his prediction by pointing out to the positive developments in the industry.
More specifically, Lee stated that the two major catalysts that will push the coin’s price further include, the fear of missing out (FOMO) among institutional investors and strengthening the infrastructure of the cryptocurrency exchange market.
Do you believe that these factors are solid enough to push bitcoin’s price to new levels?
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