Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, NEO: Price Analysis, July 06
Fundstrat’s Tom Lee has doubled down on his $25,000 target for Bitcoin by end of 2018. Is that really possible from the technical analysis point of view?
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The market data is provided by the HitBTC exchange.
Fundstrat Global Advisors co-founder Tom Lee continues to be bullish on Bitcoin. He expects Bitcoin to trade roughly at 2.5 times the mining cost, which according to him will increase from the current levels of $7,000 to $9,000 by the year end. Lee has a target of $20,000 and higher for Bitcoin by the end of 2018.
We don’t concur with his target levels from the technical analysis point of view. $10,000 and $12,000 are likely to be two price points that will be difficult to cross for the bulls.
However, if cryptocurrencies witness a flood of institutional investing, then those resistan