Crypto Experts Believe Bitcoin Will be Much Stronger This Time Around
The market for cryptocurrency has been primarily bearish this year around. Though, experts say that this is instead a rather healthy correction of the market itself.
So far, 2018 has clearly shown the that there is a lot less volatility in the price of the Bitcoin at this point of time. Bitcoin has been holding steady at around USD$6,000 to USD$7,000 throughout 2018. However, Robert Sluymer and Tom Lee, both from market analysis firm, Fundstrat, believe that this will change very shortly.
Tom Lee is, by a lot, definitely one of the most prominent cryptocurrency bulls out in the world of crypto right now. With regular appearances on mainstream media sources covering topics related to the cryptocurrency industry, he is certainly a prominent figure in the cryptocurrency space right now.
On Wednesday, Tom doubled down on his USD$25,000 prediction and has not wavered in his belief one bit on Bloomberg.
The fully loaded cost of (to mine) Bitcoin next year, is going to be like $14,000, reflecting the difficulty
He has continually noted that Bitcoin has held at the cost to mine, which means that Bitcoin will rise to meet the cost of mining when necessary.
On the other side of the table, Robert Sluymer, also from Fundstrat, sees Bitcoin bottoming.
As Sluymer stated last week on another CNBC segment:
We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start a recovery process here.
As well, he also pointed out that Bitcoin’s RSI was sitting at quite a low level, similar to the levels seen before previous temporary movements to the upside seen earlier this year.
The setup is there, but what we need to see is the token actually breakout and move through some very key levels.
Sluymer also noted that one of these key levels is at USD$7800, which Bitcoin nearly tested earlier last week, but to no avail, with Bitcoin struggling to surpass that level.
The market analyst specifically said:
$7800 level, and it needs to get through that level to confirm that you are actually getting a trend reversal
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