- BTC/USD is rangebound after Tuesday sell-off.
- The head of Fundstrat Global Advisors sticks to his forecasts.
Bitcoin is changing hands at $6,359, off the recent low reached at $6,279. The coin is down 5% on daily basis with the market value reduced from $115.5B on Tuesday to $109.6B on Wednesday amid global sell-off of digital assets.
Meanwhile, Tomas Lee, the head of research in Fundstrat Global Advisors, sticks to the optimistic forecasts that have earned him a reputation of one of the most outspoken bulls on Wall Street. He believes that Bitcoin will reach $25,000 by the end of the year, which is more than 270% above current levels. He bases his outlook on the fact that Bitcoin usually trades at 2.5 time its mining costs, which will reach $9,000 by year-end.
Bitcoin's technical picture
Bitcoin got back below $6,483 handle, which is important Fibo retracement level. It is a negative signal confirmed by the fact that the coin stays well below all intraday MAs (1-hour chart). The local support comes at $6,300, followed by $6,000. Once it is cleared, the sell-off may be extended to $5,800. The upside is capped by $6,566 (50-SMA, 1-hour chart) and $6,611 (100-SMA)
BTC/USD, the 1-hour 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.