Bitcoin Suddenly Spikes to $8,000 After Minor Pullback, Fundstrat’s Tom Lee Claims Today Could Be Another ‘10 Best Days’


Bitcoin Suddenly Spikes to $8,000 After Minor Pullback, Fundstrat’s Tom Lee Claims Today Could Be Another ‘10 Best Days’
Contents

The Bitcoin price has suddenly surged 6 percent, thus defying bearish predictions. The bulls have to record further gains in order to make sure that this price spike wasn’t just a flash in the pan.

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BTC’s speedy recovery

On June 10, Bitcoin experienced a minor downturn with its price dropping 5 percent. That gave the breeding ground for many gloomy predictions. Some technical analysts suggested that BTC was on the verge of a bearish reversal.

The BTC price plunging below the $7,400 level would serve as a surefire sign for the bears to act up. That price range would create a head-and-shoulders pattern that indicates a bearish reversal.           

Hence, it was a “make-it-or-break-it” moment for Bitcoin, and it made it.

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Expectations are useless

Cryptocurrency trader Josh Rager claims that he himself didn’t expect such a price pump due to growing bearish sentiment. It just goes to show you that trading analysis can be useless when it comes to such an unpredictable asset class as Bitcoin. Now, Rager floats the possibility of a daily close above $8,200.

One Twitter user notes that BTC could touch $9,500 with sufficient volume since the bears failed to tank the price on numerous occasions.

Meanwhile, Bitcoin bull Tom Lee predicts that today could be another “10 best days” for the king of crypto.

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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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