- During the conference in 2017 Bitcoin price went up 69% while in the following couple of months after the conference, it increased by 138%.
- Tom Lee predicted that Bitcoin price would trade at $20,000 by mid-2018 and that it would hit $25,000 by the end of the year.
Bitcoin price has broken below the descending trend line on the 15’ time frame chart we had explored yesterday. BTC/USD is down 1.47% in the last 24 hours, besides it has rejected the support highlighted at $9,300 and $9,200. Significantly, the price has found a support above $9,100 while a bullish momentum is in progress and could break above the above descending trend line.
The Fundstrat researchers led by Tom Lee have released their Bitcoin price predictions. The researchers are basing the performance of the cryptocurrency on the past Consensus Conferences. Tom Lee said that the 2018 conference will be much bigger than last years. He also went ahead to note that Bitcoin prices have a tendency to spike after the conference. During the conference in 2017 Bitcoin price went up 69% while the following couple of months after the conference, it increased by 138%. Significantly, this year’s conference is expecting double last year’s attendance of about 2,750 people. If the same thing happens, Bitcoin price could witness considerable gains.
The Consensus Conference is a highly regarded event in the crypto community and focuses mainly on blockchain technology. Over 250 experts will be present to give lectures at the conference this year to be held starting May 14 to May 16 at Hilton Midtown in New York. Tom Lee has had positive sentiments about Bitcoin from the beginning of the year. He has predicted that Bitcoin price would trade at $20,000 by mid-2018 while the cryptocurrency would hit $25,000 by the end of the year.
Bitcoin price analysis
Bitcoin price descended sharply during the intraday trading today, however, it found support above $9,100. The moving averages are signalling that BTC/USD could continue with the downside corrections in the near-term. Besides, the MACD is moving further into the negative regions. If the support level at $9,100 fails to hold, the price will be supported at $9,050. Moreover, $9,000 will act as the last resort to prevent declines in the $8,000 range.
BTC/USD 15’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
-637336005550289133_Medium.jpg)
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Ethereum, Chainlink and Aave rally after Donald Trump’s World Liberty buys $12 million worth of tokens
Donald Trump-backed DeFi platform, World Liberty Financial (WFLI), spent $12 million on Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) on Thursday, sparking a 2% rise in ETH and over 20% rallies in LINK and AAVE.
Sui hits new all-time high of $4.9 as Backpack integration sparks $466 million DEX volume surge
Sui price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% in the previous week. The rally was fueled by the announcement that the Backpack exchange and wallet integration with SUI and DEX volume reached record levels.
XRP investors realized $800 million in profits amid signs of massive rally to $4.75
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.