Bitcoin Price Watch: Currency Down for the Count

News

At press time, the father of cryptocurrencies has dropped down to about $6,400. That is roughly $200 less than where it stood yesterday afternoon. Enthusiasts everywhere were pleasantly surprised to see the currency spike to $6,600 just prior to the start of the week. However, things began looking a little worrisome when $6,500 entered the mix, and bitcoin fell by approximately $100 within 24 hours. Later, bitcoin struck home and jumped to $6,600 again, but it is now down by $200. It appears maybe traders don’t have to be too worried just yet. Bitcoin is likely going through mild changes and corrections over this seven-day period as it attempts to recover from the $5,800 mark it struck last week. A drastic drop like that is sure to put a dent in bitcoin’s plans, and it probably needs time to fix itself. However, where some investors are losing confidence is in the year-end price. For several months, Fundstrat analyst Tom Lee – who has been one of bitcoin’s primary bulls – has insisted that the currency would end 2018 at a price of roughly $25,000. Despite the endless swings and volatility, Lee has stuck to his guns and his prediction. Now, the financial expert is backtracking a bit. While he still believes bitcoin could end the year at over $20,000, he’s not as confident in $25,000, and he’s pulling his prediction back by roughly 20 percent. He now explains that bitcoin will end 2018 at a price of around $22,000. “Bitcoin…
Source: Bitcoin Price Watch: Currency Down for the Count

Leave a Reply

Your email address will not be published. Required fields are marked *