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It's "Possible" That Crypto Industry Is Slowly Bleeding to Death, Says Fundstrat's Boss Tom Lee

  • Alex Dovbnya
    📰 News

    You know that the level of FUD has reached a new peak when even Tom Lee makes a gloomy prediction  

It's "Possible" That Crypto Industry Is Slowly Bleeding to Death, Says Fundstrat's Boss Tom Lee
Cover image via youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Tom Lee, the founder financial analytics boutique Fundstrat, has made a shocking statement about crypto that completely contradicts his earlier prediction. 

The Bitcoin permabull has agreed with "an unpopular opinion" about how the cryptocurrency industry is slowly bleeding to death after exchanges and early adopters raked in huge profits during the crypto craze. Lee says that it possibly could be the case. 

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Fundstrat’s Tom Lee Claims Bitcoin Price Could Soon Hit $20,000

Fundstrat’s Tom Lee Claims Bitcoin Price Could Soon Hit $20,000

Awaiting a new Bitcoin price high

There is a popular idea that Bitcoin is either going to $0 or $100,000, no middle grounds. Lee has so far stayed on the other side of this spectrum, teasing the bulls with his countless price predictions.         

Back in August, when Bitcoin was hovering above the $10,000 mark, he claimed that the top crypto could reattain its all-time high of $20,000 till the end of the year. Considering that the BTC is currently trading below the $8,000 level, it would need to surge by a whopping 150 percent in just two months. 

Later, Lee voiced his theory about the correlation between Bitcoin and the US equities market — Bitcoin will reach a new all-time high only after the S&P 500 achieves a similar feat.    

Back in May 2018, Fundstrat estimated that the Bitcoin price could touch $36,000 by the end of 2019. For this prediction to hit on the nail, BTC has to quadruple in value, which seems too far-fetched even for such a volatile asset.          

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Fundstrat’s Tom Lee Reveals Bitcoin Price Tag That Will Trigger FOMO

Bitcoin's obituaries

Bitcoin is alive and well in 2019 despite the growing number of its obituaries. Multiple pundits claimed that Bitcoin was dead even back in 2011, but somehow it always stayed there while the broader cryptocurrency market ecosystem continued to grow. 

As reported by U.Today, financial commentator Clem Chambers forecasted that Bitcoin would have a couple of more "ebbing" price rallies before completely dying (similarly to gold or copper). There is also another possibility that Bitcoin and some altcoins could repeat the success of major tech companies such as Apple and Amazon.

Still, as projected by UBI, it could take decades before Bitcoin reaches the high that was set during the big speculative rally of December 2017.    

Will Bitcoin experience another speculative bubble? Share your take in the comments! 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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