Bitcoin price analysis: BTC/USD is down 5% on daily basis, but Tom Lee still believes in $25,000 by the year-end


  • 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Looking for the best path to the Moon

The fight for dominance in the crypto market is at a new turning point. Yesterday at mid-morning, Ethereum showed intentions to move higher. A significant breakout of the long-term downtrend in the ETH/BTC pair can confirm the plans of Ethereum.

More Bitcoin News

XRP/USD trapped in a range, the range narrows

XRP/USD has stalled in a tight range limited by $0.1700 on the downside and $0.1800 on the upside. The coin  has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.

More Ripple News

ETH/USD retreats below 1-hour SMA200, more pain ahead

ETH/USD is changing hands at $228.60. The coin has lost over 1% since the start of the day and gained 1.4% on a day-to-day basis. Ethereum is the second-largest digital asset has the current market value of $25.6 billion and an average daily trading volume of $6.5 billion.

More Ethereum News

LTC/USD to continue hibernating in a range

Litecoin is the seventh largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $1.15 billion. The coin is locked in a tight range below $42.00.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: US stocks and Bitcoin options to define Bitcoin's future

Bitcoin bottomed at $8,899 on Thursday, June 25, and recovered to $9,200 by the time of writing. While the pivotal $9,000 remains unbroken, the coin has been oscillating in a tight range for about two weeks now.

Read the weekly forecast

BTC

ETH

XRP