Bitcoin Crypto

Wall Street Analyst Says $25,000 Bitcoin Prediction in 2018 is Still in Play

nickchong | June 9, 2018 | 5:20 am
Bitcoin

Wall Street Analyst Says $25,000 Bitcoin Prediction in 2018 is Still in Play

nickchong | June 9, 2018 | 5:20 am

The cryptocurrency market has slowed over the past few days, with Bitcoin holding price levels within the mid $7,000s. However, Robert Sluymer and Tom Lee, both from market analysis firm, Fundstrat, believe that this will change very shortly.

Tom Lee Reaffirms His $25,000 Prediction Again, This Time On Bloomberg

Tom Lee is by-far one of the most prominent cryptocurrency bulls out in the space right now, with regular appearances on mainstream media sources covering topics related to the cryptocurrency industry.

On Wednesday, Tom doubled down on his $25,000 prediction and has not wavered in his belief one bit.

One reason why he is holding strong on this prediction is that he believes that traditional institutions, like banks, will begin to pile into space as they see “lucrative” business opportunities arise. Lee also believes that the regulatory climate around cryptocurrencies will only improve as cryptocurrencies reach higher levels of institutional and retail adoption.

Additionally, Lee mentioned a Bitcoin indicator which he seems rather fond of using, the cost of mining a Bitcoin.

He noted:

The fully loaded cost of (to mine) Bitcoin next year, is going to be like $14,000, reflecting the difficulty”

He has continually noted that Bitcoin has held at the cost to mine, which means that Bitcoin will rise to meet the cost of mining when necessary.

Robert Sluymer, Also From Fundstrat, Sees Bitcoin Bottoming

Down the street in CNBC’s broadcasting room, Sluymer pointed out the series of higher lows which the price of Bitcoin should hold at if the market stays in a bearish state.

As Sluymer stated last week on another CNBC segment:

We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start a recovery process here.

He reiterated on yesterday’s broadcast that he believes that Bitcoin is about to “challenge its downtrend,” with Bitcoin’s price movement possibly turning to the upside if it breaks through the current downtrend levels.

As well, he also pointed out that Bitcoin’s RSI was sitting at quite a low level, similar to the levels seen before previous temporary movements to the upside seen earlier this year.

Sluymer said:

The setup is there, but what we need to see is the token actually breakout and move through some very key levels.

Sluymer also noted that one of these key levels is at $7800, which Bitcoin nearly tested earlier last week, but to no avail, with Bitcoin struggling to surpass that level.

The market analyst specifically said: “$7800 level, and it needs to get through that level to confirm that you are actually getting a trend reversal”

However, like many analysts, Sluymer had something to say about the unlikely chance of a ‘worst comes to worst’ scenario. He mentioned that if Bitcoin does not hold price levels at $7350 and $7000, that we could see further moves towards the downside.

But Sluymer has still shared the bullish sentiment with his co-worker, Tom Lee, saying:

If you’re short we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure.

Tags: , , , , , , , , , , , , , ,
  • Lilly Hobert

    Ever heard about coin silo,org? I have been getting paid on the platform for well over a week. Seems like the next best thing in the cryptocurrency movement.

    • RJLigier

      Worse than commodities and stock brokers……..OMG. 25000 by year end, are there penumbras in charts, too?

    • TJork

      Its not a new platform. Its popular here in Poland

  • retrostar1000

    Hope he’s right.

  • Trev

    This guy Lee is a pure idiot! Tell that to the 200MA that has just rolled over on the daily chart. Last time that happened was 4 years ago and we went into a bear market for a very long time before we recovered.

    BTC and any crypto right now has NO real use case. Maybe Ripple is actually gaining a little momentum in it’s endeavour to replace SWIFT for small to medium sized banks.

    BTC at $7K ranges is over valued right now. This is just economics. The down trend will continue into the rest of 2018. In 2019 we might see some small signs of a recovery, I say “small”. People seem to think for blockchain tech to thrive so must crypto, this is absolutely false.

    The crypto market is still tiny full of fake volume and absolutely fake market caps. The reckoning is coming and those who believe in nonsense like what Lee is spewing out will be hit in the pocket.

    I’ll continue to short BTC and make a killing, but I know the end is coming very soon and will be moving back to forex. But for now the party is still going on but I know $20K was just a distant memory we will probably never ever see again.

    • Mike

      it’s an asset that’s less than 17 million in shares and traded globally 24/7 and can be lost, misplaced or even destroyed and gone forever making it even more rare… people love to tell me that gold is tangible and has uses but fail to recognize that there’s 50 million ounces produced of it a year and 7 billion ounces already mined or that no one buys a cup of coffee with gold. by the way gold took off like crazy the past few years as well and it was extremely volatile when it backed money too. by the way lee is basing the fact that gold trades just about as much as it costs the average company to mine gold to calculate a value of bitcoin which is not unreasonable, but if lee’s predicition would have been 20k last year he would have been called ludicruous last year too.

      however, his points about the cost of bitcoin always seem to be off to me since it doesn’t halve until may of 2020 and much of those companies building ASIC’s do so in secret, improve their design and use cheap or free energy–for them the cost of mining one coin is never going to be unprofitable.

      but i’ll give you a great reason why the halving really is important, miners don’t mine to invest they mine to sell and today 1800 coins are being sold a day by miners–whether that’s in the market or off market is debatable, however in 2020 only 900 will be mined and sold a day by miners therefore even if the demand does not increase the supply must decrease thus forcing it to rise in value.

      it’s a brand that has been around almost 10 years, what you’re saying at this point it’s like someone telling me Apple or Nike are worthless because their prices dipped

      IMO

  • Defiant

    Digibyte!

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!