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BTC at 10k by late 2019, Tom Lee Predicts. Not So Fast, Tone Vays Says

The recent surge in the price of BTC and the rest of the altcoins has led many analysts to take an optimistic view about the cryptomarkets, vowing that the bearish trend of 2018 is possibly coming to an end.

Tom Lee

After a series of failed
predictions, Tom Lee has again raised expectations in the community, assuring
that Bitcoin could surpass the 10k mark in 2019. In an interview with
MarketWatch, the well-experienced Bitcoin bull explained the reasons
why BTC could even exceed this target:

“Risk appetite is positive for bitcoin … If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for Bitcoin.

Lee is recognized in the community for his strong bullish sentiment even in the worst of times. In 2018, he predicted that BTC could end the year at 25k, then 22.5k, then 15k. After the BTC closed 2018 below 4k, the head of Fundstrat Global Advisors tweeted that he would not make more predictions about the price of the BTC.

Not So Fast Bullish Team, Not So Fast

Not everyone shares Tom Lee’s judgement; there are still many investors with a bearish view of the market. One of them is Tone Vays, who recently explained that it is very probable that this is a “Bull trap”.

“If the bull run was caused by a major whale purchase in the market, then it would never be sustainable in the long term.”

Tone Vays

Mr. Vays explained that the rise cannot be considered a bullish trend since it only lasted two days, and if it was provoked by a massive investment by a whale, it is possible that a correction will happen soon.

Vays explains that if the BTC falls below 4950 USD, the bearish streak could lead to new lows. The renowned trader recently commented that BTC could reach 1.3k in a highly pessimistic scenario.

“Right now that we have reached 5k, I’m trying to find the right opportunity to try to short the market once again because I do think we are going lower. I am still a bear in this market, and I still think that sub 3 thousand dollar prices are more likely than above ten thousand dollars at this point in time”

BTC is currently stable in the 5-5.1k band with a total capitalization of $ 89,238,923,035 and a token price of 5062 USD at the time of writing, according to data provided by coinpricewatch

The post BTC at 10k by late 2019, Tom Lee Predicts. Not So Fast, Tone Vays Says appeared first on Ethereum World News.

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Bitcoin Short Squeeze Imminent Based on Current Trading Trend

Bitcoin could be in for another significant price surge based on the current trading trends. The top-ranked cryptocurrency has managed to stay relatively stable even while the altcoin markets experience a post-weekend trading decline.

Massive Short Squeeze on the Horizon

One of the more defining aspects of the BTC trading narrative in 2018 has been the activities of shorts. 2018 has seen a significant increase in Bitcoin shorting where traders bet that the BTC price will fall.

Throughout August 2018, Bitcoin shorting rose to almost reaching the April 9 all-time high (ATH) signaling the fact that many traders don’t expect the top-ranked cryptocurrency to stay above $7,200. Even more profound is that in early April, BTC was trading at $7,000.

With so many Bitcoin shorts, the BTC price could surpass $7,300 with $7,500 a likely resistance level. Whether it maintains $7,500 or not would depend on the level of bull fatigue. A few short squeezes have happened in the last few months due to the high volume of short trading positions.

The likely reason for this next short squeeze is due to unprecedented levels of “short absorption” in the market. These absorptions are mostly unleveraged meaning that bulls (most likely whales) are making real BTC purchases at 1:1 U.S. dollar ratio. Thus, even though the shorts are making concerted efforts, the most probable market response in the interim is upward price movement.

Bitcoin Growing Steadily in the Last Seven Days

This imminent short squeeze comes as Bitcoin has been growing steadily over the last seven days. In that time, BTC has increased by eight percent as the top-ranked cryptocurrency sets its sight on maintaining the $7,000 price level.

While Bitcoin has remained relatively consistent, the altcoin market has been tumultuous, increasing in tandem with BTC but also experiencing constant pullbacks. Despite these pullbacks, the total market capitalization has climbed to $236.9 billion.

Do you think a massive Bitcoin price short squeeze is imminent? What is your end of September BTC price forecast? Let us know your thoughts in the comment section below.

Image courtesy of Coinmarketcap.

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Bitcoin $25,000: Tom Lee Stands Firmly Behind His Prediction

While he may begin to sound like a broken record, Fundstrat’s Tom Lee still isn’t ruling out his end-of-year BTC price prediction of $25,000. Earlier in the year, Lee declared that Bitcoin would reach $20,000 by the middle of the year before ending 2018 on a high note by setting a new record high. With the first half of the prediction looking unattainable, the Fundstrat analyst is refusing to back down.

$25k Bitcoin by the End of Year is Completely Reasonable

Lee affirmed his $25k BTC price prediction in a recent interview with Bloomberg saying that it was “completely reasonable.” According to Lee, the number cryptocurrency should be expected to surpass its previous all-time high. The Fundstrat analyst pointed to the emergence of more visibility in institutional activity. In the last few months, companies both within and outside the traditional cryptocurrency ecosystem have launched products and services targeted at large-scale investors. According to Lee, many large institutions are becoming pro-crypto including Nasdaq and Goldman Sachs.

Tom Lee also spoke about the emergence of regulatory clarity for the cryptocurrency market, especially outside the United States. Countries like Japan, South Korea, and Malta have taken steps to create stable operating conditions for the digital currency businesses in their respective countries. Thus, exchange platforms are beginning to expand their operations in these countries. Binance and OKEx have announced moves to Malta, while Coinbase recently announced its new Japan office.

Bitcoin mining is also another reason why Lee believes BTC price has to reach the $25,000 mark. According to him, the fully loaded cost for BTC mining in 2019 will be around $14,000, reflecting the increased mining difficulty. Thus, the trading price of the crypto has to be about twice the mining cost, so a price estimate of $25,000 is reasonable, according to Lee.

Not Much Speculation in Cryptocurrency these Days

Commenting on other issues in the world o cryptocurrencies, Lee revealed that contrary to popular opinion, there isn’t a great deal of speculation in the crypto market these days.

There isn’t a lot of speculation in the crypto, compared to other markets. The ratio of dollars traded in all exchanges globally to the M2 is about 141:1. For commodities like oil, it is 40:1, and for cryptocurrency, it is 4:1.

On the issue of its use in daily commerce, Lee also said that cryptocurrency is used a lot more frequently than people imagine. He pointed out that most economies outside the United States are, in fact, decentralized. Thus, it is a lot easier to use Bitcoin to transfer money than to use a money transfer agent like Western Union. A large part of this ease comes from the fees charged to carry out a transaction. Money transfer agents can charge up to 15 percent for remittance while BTC transactions only cost a small fraction of that amount.

Do you still think Tom Lee’s $25,000 Bitcoin price prediction will come through at the end of the year? What is your end of year price predictions for the number one cryptocurrency? Keep the conversation going in the comment section below.

Images courtesy of Ethereum World News Archives and CoinMarketCap.

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$25k, $91k and 250k Bitcoin (BTC) Price Predictions

The crypto markets are still breathing and firing on all cylinders through a weekend that was meant to test the volume that had pumped Bitcoin (BTC) on Thursday by $1,000. Some traders were skeptical that the value of BTC would maintain $8,000 during the weekend. However, BTC is still strong and trading at $8,311. The total crypto market cap has been steady at $333 Billion and seems to be headed up within the coming days.

It is with such events that there has been some bullish price predictions about the King of The Markets, Bitcoin. Fundstrat’s co-founder, Thomas Lee, has been bullish about Bitcoin all year long. His recent price prediction is that BTC will reach the value of $25,000 by December. In a CNBC interview, Lee is quoted as saying:

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year…Bitcoin was incredibly oversold [in the past]. When you look at metrics like price-to-book, which is ‘money cost,’ or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”

The same Lee has also predicted that Bitcoin (BTC) will reach the very high value of $91,000 by 2020 based on performance of the markets after past dips. Lee has had a good streak at predicting Bitcoin’s prices as he was always bullish about the coin even when it was under $3,000 in the markets. It is such believers that make this crypto-verse exciting.

The final, and not necessarily last price prediction for the day, is by Tim Draper who has been quoted as saying that we shall see $250,000 per Bitcoin by 2022. He made the bold statement at his self-named Draper University on April 12th this year. He is quoted as saying via Reddit:

“I’m thinking $250,000 a bitcoin by 2022. Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”

Nothing is ever crazy in the Crypto-verse. Perhaps crazy has become the norm so much so that we do not notice any additional craziness. What then is expected with a booming of Bitcoin, is a similar boom in the values of Alt coins. It seems like we are heading towards good times in the markets!

[Photo: Tim Draper. Source:]