Bitcoin
Thomas Lee Sticks To His Guns With $25,000 Bitcoin (BTC) Price Prediction
The market might be in the red, but if you have been in this crypto-verse since December, you know it will go back to being green in a matter of a few days. Perhaps this is why Fundstrat’s CEO, Thomas Lee, is still sticking to his guns with his prediction of seeing a $25,000 Bitcoin (BTC) by the end of the year.
Mr. Lee highlighted the attendance of the Consensus event back in May as an indicator of increased interest in blockchain technology as well as cryptocurrencies. Mr. Lee was quoted as saying:
“The notion of blockchain as a way to solve trust in the digital world has gained a lot of traction, especially out of Consensus. And what investors aren’t connecting is that you can’t necessarily just say ‘I believe in the blockchain.’ Bitcoin and cryptocurrencies are essential to how blockchains operate in the security.”
Mr. Lee went on to give 3 reasons as to why Bitcoin will reach the $25,000 mark. The reasons were:
- The cost of producing and replicating Bitcoin is almost equivalent to the current trading levels of the coin. This means that it will not deviate lower than the levels we are seeing now
- Institutional investors are keen on the industry and are possibly waiting to make an entry every day, albeit with uncertainty due to the lack of direction by regulators. Once this is cleared up, they will buy in quick
- Fundstrat, the firm he runs, has collected and compiled historical data about the prices and trends of Bitcoin that back his bold statements of a $25,000 price by the end of the year
However, the crypto-verse is currently experiencing some uncertainty after a flash crash left many traders baffled early Sunday morning. Even the price prediction by Mr. Lee might sound a bit skeptical this week.
Several theories have emerged with respect to the flash crash that occurred early Sunday morning in the crypto markets. One theory that has turned out to be true, is that popular South Korean exchange, CoinRail, was hacked. Estimates of the cost of the cyber ‘looting’ have been put at $40 Million worth of crypto. But the major blow came when the crypto-markets responded to the news. What then proceeded is a massive sell-off that managed to wipe out close to $20 Billion in the total crypto-market value in a time frame that was a few hours.
A second theory to the current market turmoil has been well elaborated by John McAfee via twitter when he said:
“Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit, and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.”
In conclusion, there is only one thing to do: and that is to remain calm as the markets find a footing once again.
HODL!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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