Bitcoin price analysis: BTC/USD butchers its way past key support areas; Frudstrat’s Tom Lee still believes Bitcoin will hit $25,000 by end year

Bitcoin price is continuing with its downtrend after it was unable to break past the resistance level at $8,600. The slide started during the Asian trading hours on Monday failed to find support at $8,500 and $8,400. Moreover, Bitcoin price has today rejected the support zone at $8,300, besides it has broken below $8,200 at the time of writing.

Tom Lee, founder of Frudstrat recently owned the fact that he was wrong about his Bitcoin price prediction due to the just concluded Consensus conference. While on Fast Money segment at CNBC, he partially put the blame on why the rally failed to materials on the rising sentiment in the previous week in that clarity for regulations will take longer. When asked if he believed in the predictions he made earlier, Tom Lee said:

"We have to keep in mind that Bitcoin at $8,000 and Bitcoin, let's say we think it can reach $25,000, it does not require Bitcoin to go up everyday till the end of the year. Remember, the ten best days account for all the return of Bitcoin. If you didn't own Bitcoin for ten days each year, you lost 25% a year since 2010.”

Bitcoin price is approaching the next support level at $8,150, however, there is strong bear momentum on the charts. If this level fails to hold the price, $8,100 and $8,000 will also provide support. It is essential to remember that BTC/USD traded below $8,000 briefly in the past week. In the event of a trend reversal and an upside breakout, Bitcoin price will encounter resistance from the 23.6% Fib retracement level with the previous swing high of $9,364 and a low of $7,969 close to $8,300.

BTC/USD 1-hour chart