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Bitcoin Could See $50,000 Again if This Pattern Holds Up, Says Fundstrat

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Tue, 06/01/2021 - 04:52
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Alex Dovbnya
Fundstrat says that Bitcoin could revisit $50,000 if this pattern holds up
Bitcoin Could See $50,000 Again if This Pattern Holds Up, Says Fundstrat
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Bitcoin could be on track to revisit the $50,000 level despite recording its third-biggest monthly drop in its entire history, according to Wall Street research firm Fundstrat.

The flagship cryptocurrency is in the middle of forming the inverse head and shoulders bottom pattern.

Bitcoin
Image by @zGuz

Fundstrat’s Tom Lee says that the fact that Bitcoin continues to make a series of lower highs is actually “a good sign.”

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Lee’s permabullishness  

As reported by U.Today, Lee claimed that Bitcoin could still exit this year over $100,000 despite recording a brutal correction.    

In its April research note, Fundstrat also reiterated its prediction that Ethereum could touch the $10,000 level this year.        

Fundstrat’s analysis, however, should be taken with a pinch of salt given that Lee gained notoriety during the 2018 crypto winter for making consistently wrong price predictions.              

Bitcoin is currently sitting at $36,794 on the Bitstamp exchange. It is down about 43 percent from its all-time high of $64,895.      

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.