Prominent investor: Bitcoin Trend reversal is imminent



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Bitcoin lost more than 70% of its value in 2018. But it is not too late to recover, says Tom Lee of Fundstrat.

In 2018, Bitcoin continued to register lower levels and tested key resistance values ​​at $ 10,000, $ 8,000 and $ 7,000. According to Fundstrat & # 39; s Tom Lee, the stability of Bitcoin with $ 6,000 is most likely independent of lower peaks.

At the start of 2018, Fundstrat said in a report that the level of $ 6,000 is likely to be in the hands of Bitcoin in the medium term, as this is the break-even point for miners. This means that miners who use power and mining hardware to verify transactions in the Bitcoin network can still make a profit if Bitcoin's price remains above $ 6000.

The co-founder of Fundstrat said in an interview with Bloomberg that he sees several catalysts that could push the BTC price even higher towards the end of the year. Lee mentions the growth of a number of large investment banks that build in combination with Bitcoin products and the introduction of an ICE-based crypto-exchange as two important factors that can be considered bulls for Bitcoin.

"I believe that large institutions will receive FOMO if BTC rises, and institutional investors want to [volatility]and today you can find [volatility] in cryptocurrencies and pot, "he said.

"The fact that we are holding is almost $ 6,000 [actually] very good […] in spite of the lower heights we see, we begin to decline. It is a sign of momentum that is [really] good "

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