Tom Lee Believes that Bitcoin Will Continue to Lose Ground
According to the analyst from Wall Street and the co-founder of Fundstrat Global Advisors Tom Lee, Bitcoin will continue to fall in price. After a historical high of $20 000, the cryptocoin fell by 60% and, according to Lee, would fall to $5 500 - $6 000. The analyst emphasizes that the possible decline is due to the recent ban on advertising of cryptocurrency on Facebook, as well as Google's statement on the future ban on advertising in June of this year.
“When sentiment is this weak, the market is increasingly ’fire, ready, aim’ —  meaning, any headline today is likely to trigger selling," Fundstrat analysts including Tom Lee and Robert Sluymer wrote.
It is reported that BTC was able to raise its value to a maximum of $12 000 after a decline to $6 000 in January, but it could not rise higher. So for the past few days, Bitcoin had initially fallen to $9 325, then this Wednesday it fell to $8 370. The price is forecast to drop to $5 873. Previously Lee was confident that Bitcoin would take off by the end of 2018 and would cost $25 000, and in 2022 it would beat all thinkable and unthinkable records with the price of $125 000 for one coin. Subscribe to The Coin Shark news in Telegram: