Bitcoin price analysis: BTC/USD intends to stay above $9,000; top industry analyst, Tom Lee reckons that Bitcoin price will rally after Consensus Conference
- 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
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
