The co-founder of Fundstrat Global Advisors, Tom Lee, remains optimistic about Bitcoin. He estimates that Bitcoin will spend about 2.5 times the cost of the operation, which will increase from $ 7,000 to $ 9,000 by the end of the year. Lee has a $ 20,000 and higher goal for Bitcoin by the end of 2018.
We do not agree with its objective levels from the point of view of technical analysis. It is likely that $ 10,000 and $ 12,000 are two price points that are hard to cross for bulls.
However, as cryptocurrencies experience an avalanche of institutional investment, these levels of resistance will easily cross. While retail investors are far from falling further, traders use the current downtrend as an opportunity to penetrate the encryption market.
Amsterdam speed operator Flow Traders NV, one of the largest European securities traders, entered the crypto-currency market on 5 July. The arrival of such giants is a clear sign that the biggest players are diving and that these lower levels are unlikely to last long.
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BTC / USD
Although Bitcoin remains above the 20-day EMA, it is difficult to achieve air resistance at $ 6,953.38. Once this level is exceeded, there will be no resistance up to $ 7,750.