A prominent crypto analyst who once targeted Bitcoin to reach $25000 by end 2018 is lowering his prediction to $15000. Bitcoin’s latest bearish run has led investors to see the worse sentiment of the crypto market.
However, Tom Lee, a co-founder of Fundstrat Global Advisors is betting on a recovery. When he studied the depth of the market for the period 2013 and 2015, he claimed that the “it never sustained a move below breakdown”. He states that;
“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism,” said Lee, J. P. Morgan’s former chief equity strategist. “But we believe the negative swing in sentiment is much worse than the fundamental implications.”
As we see the media bulletins often affects the market moves – when headlines point positive flow of the market, the price of crypto appreciates and the negative bulletins certainly depreciate its total volume. Consequently, Lee notes that the “contentious argument over bitcoin cash” has led the price of market diminishes eventually. Notably, “Crytpo-specific event like the hard fork of bitcoin cash where virtual currency would split into “Bitcoin ABC or Core Bitcoin Cash and Bitcoin SV or Satoshi’s Vision”. However, one must think that Bitcoin Cash itself is a fork of Bitcoin, forked on August 01, 12017.
Fair value for Bitcoin would be roughly 2.2 times the new $7,000 breakeven price.”
At press time, Bitcoin is valued $5,540.97 with market cap of $96,303,375,926. Moreover, for the first time ever, Ethereum is down than XRP and whereas the market cap of Ripple surges beyond Ethereum and Bitcoin Cash. Stellar glued on fifth position by crossing EOS with market cap $4,626,642,570 and $4,123,959,893 respectively.
To point, Bitcoin is still on the top position which is certainly the most pulling point people kept trading and investment with.