Bitcoin Price Starting to Reverse – 2 Catalysts Will Drive it Higher in 2018 States Tom Lee

Bitcoin News | Crypto News | Latest News

Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic.

In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of Bitcoin stays above the $6,000 level.

Lee explained on Bloomberg that the stability of BTC at the $6,000 mark and two major catalysts awaiting BTC in the year end could push the price of BTC up substantially within the next two months.

Bitcoin daily price chart on September 30, provided by Coincap.io

“$6,000 is a level that is more important than we realized. Earlier this year, we were pointing $6,000 as breakeven for Bitcoin mining so that level should hold. The fact Bitcoin is holding here is very good news. I think there are catalysts in the year end so I think despite the lower highs we’ve seen I think we’re starting to reverse,” Lee said.

What are the Two Catalysts?

According to Lee, two major factors will contribute to the increase in the price of BTC by the end of the year: strengthening infrastructure of the cryptocurrency exchange market and fear of missing out (FOMO) amongst institutional investors.

Over the past few months, Bakkt, a cryptocurrency exchange created by ICE, Starbucks, and Microsoft, has been building the first regulation-focused platform that primarily aims to operate as a trusted custodian and brokerage for large-scale investors.

Eventually, with the entrance of major investment banks and solid products offered by Bakkt, Lee stated that institutions will have the ability to enter the market.

But, echoing the sentiment of billionaire investor Mike Novogratz who previously stated that institutions will likely not commit to the crypto market until Bitcoin surpasses major resistance levels at $8,800 and $10,000, Lee emphasized that Bitcoin will have to show some recovery in its price before it appeals to many institutions.

“I think there is a few. One, this new exchange called ICE Bakkt will be launched. It is going to be really one of the first regulated exchanges. I think around that, there is working being done by these major investment banks to build products to support it or work with it. I think institutions are waiting to be involved,” he said.

How Will Bitcoin End 2018?

In early 2018, Lee reaffirmed his price target of $25,000 per BTC. The cryptocurrency market is quickly approaching the end of 2018 and it is becoming increasing unlikely for the dominant cryptocurrency to reach an all-time high by the end of the year.

Still, given the stability of BTC at $6,000 since late July, it is possible for the asset to show strength and momentum by November and December, a period in which the cryptocurrency market historically tend to record large gains.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

Leave a Comment

Latest Crypto News

CNBC Reporting the surge of bitcoin to $100 back in 2013!!

https://www.youtube.com/watch?v=O3XvCbh8pQU reddit Buffer Facebook Twitter Author: CryptobonxCryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

After Raising $80Million TenX Founder Linked to Pyramid Scheme

TenX president Julian Hosp has been implicated in connection with an Austrian discount shopping service called Lyoness. Lyoness has been declared an illegal pyramid scheme in Norway, Austria, and Switzerland. A video has emerged that appears to show Hosp presenting an

CoinAlpha Gets SEC on Their Ass

CoinAlpha got served with a cease and desist order today from the SEC on the grounds of operating as an unregistered entity. The SEC also accuses the company of being sneaky in the way of

Gazprom Bank Crypto Moves

In terms of assets, the above-mentioned bank is the third largest in Russia, with a management capital in form of assets worth $3.1 billion. And for this reason, for a renowned world power in every

Argo Blockchain Not Feeling the Crypto Winter

Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the

Who Is Bitcoin’s Anonymous Whale?

A wealthy Bitcoin wallet which had remained inactive for the last 5 years made a surprising hefty deposit of 66, 233 BTC  ($256 million) two days ago. Now, Bitcoin whales (people who hold large amounts

Nexo Dividend Pay-outs Catapults it to the Top

Nexo is a blockchain based system that allows users to access instant loans in fiat dollars by using cryptocurrencies as collateral. This was interesting as the only way cryptocurrencies were in use was through selling

G-20 Okays Cryptocurrency Taxation

Regulation of cryptocurrencies has been a long time coming with the process full of twists and turns. Many countries have set up legislation or are in the process of doing so; it’s not unnatural that

Madness: Venezuela Raises Its Cryptocurrency Price

Venezuela’s President Nicholas Maduro announced on national television on Thursday that the country’s native cryptocurrency Petro’s price had been increased from 3,600 sovereign bolivars to 9,000. Petro was launched early 2018 in the middle of

A Flying Look At Blockchain Tech And Bitcoin

Do you need to know more about Bitcoin and blockchain tech in a hurry? Want to learn what mining is or what block time is? Or just more about the topic in general? The sheer

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$3,480.47
-2.18%
3
Ethereum
Ethereum
$91.278
-1.57%
2
XRP
XRP
$0.3041
-1.36%
6
Bitcoin Cash
Bitcoin Cash
$102.62
-3.34%
9
Litecoin
Litecoin
$24.612
-2.28%
11
Cardano
Cardano
$0.029940
-2.51%
4
Stellar
Stellar
$0.1173
-1.80%
18
NEO
NEO
$6.142
-2.36%
7
EOS
EOS
$1.8976
-3.17%
13
IOTA
IOTA
$0.2470
2.67%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK