Tom Lee: Bitcoin Price Starting to Reverse, 2 Catalysts Will Drive it Higher in 2018
Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic.
In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of Bitcoin stays above the $6,000 level.
Lee explained on Bloomberg that the stability of BTC at the $6,000 mark and two major catalysts awaiting BTC in the year end could push the price of BTC up substantially within the next two months.
https://www.ccn.com/tom-lee-bitcoin-price-starting-to-reverse-2-catalysts-will-drive-it-higher-in-2018/
Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic.
In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of Bitcoin stays above the $6,000 level.
Lee explained on Bloomberg that the stability of BTC at the $6,000 mark and two major catalysts awaiting BTC in the year end could push the price of BTC up substantially within the next two months.
https://www.ccn.com/tom-lee-bitcoin-price-starting-to-reverse-2-catalysts-will-drive-it-higher-in-2018/
Ok ... but what if investor confidence drops? What if supply outweighs demand by a ten fold? What if, what if ... You know that a ETF isn't going to be approved in 2018, so scratch that. What other catalysts are there? Lightning certainly isn't going to be mainstream in 2018.