Bitcoin Price Watch: Is the Currency Set to Drop Even Further?

Neutral Bitcoin Price Watch: Is the Currency Set to Drop Even Further?

At press time, the price of everybody's favorite cryptocurrency has fallen back a bit to the $5,400 range. Yesterday, the currency was trading at just over $5,500, though it appears it's found more comfort at a lesser spot.

One of bitcoin's biggest bulls has been Tom Lee of Fundstrat fame. Lee has repeatedly commented throughout 2018 that bitcoin will be the subject of a major bull run that will take it up to $25,000 by the end of the year. Later, however, when bitcoin refused to show signs of adequate life, Lee ultimately slashed his end-of-year prediction down to $20,000.

Now, the analyst is lowering his year-end price down to $15,000. This is roughly $10,000 less than where his original prediction stood, and yet somehow, it still feels unrealistic. We have just over 40 days left in the year. How on earth is bitcoin ever going to spike $10,000 in such a short period?

Lee recently commented:

"While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism, but we believe the negative swing in sentiment is much worse than the fundamental implications."

One thing that doesn't ring with Lee's words is that he's touting optimism while concurrently slashing his year-end price prediction. For someone who claims to be completely for bitcoin and confident about its price abilities, he's making a lot of last-minute changes that suggest otherwise. For example, if you're so sure that bitcoin will do well from here throughout the end of the year, why not stick to your guns and keep your prediction at the $20,000 or $25,000 range?

It's unclear what Lee is trying to accomplish, but his words and his actions speak very differently from each other. He's touting bitcoin and saying that people should remain positive while inadvertently admitting that there is little time left for bitcoin to improve before 2019 rolls in and cutting his prediction down even further.

Either way, things aren't looking good for bitcoin as of late. Lee's associate Rob Sluymer - who also works with Fundstrat - recently stated that it will take "weeks, if not months" for bitcoin to come back from the "technical damage" incurred by the recent price fall.

In addition, some analysts at Bloomberg are claiming that bitcoin's price drops are far from over and suggest that the father of crypto could go down to roughly $1,500 before experiencing further hikes.

They blame the sudden drops on the bitcoin cash hard fork that recently took place, explaining:

"There's a small chance that - it's difficult to estimate - something really bad could happen related to bitcoin cash that could then impact the entire crypto market."

Bitcoin Charts by TradingView

Nick is a writer, author and journalist that has been covering the cryptocurrency scene since 2014.

11/17/2018 / 21:24:56 Source: themerkle

BTC
1 BTC=$3,294.00
XRP
1 XRP=$0.2924
ETH
1 ETH=$86.71
XUC
1 XUC=$2.05
EOS
1 EOS=$2.01
BCH
1 BCH=$80.51

News Feed 50

Coindesk Neutral - A Year Ago Today Bitcoin’s Price Was at a Record $20k read more.
12/17/2018 / 11:20:09
Ccn Neutral - Bear Market Forces Ethereum Startup “Status” to Trim 25% of Its Employees read more.
12/17/2018 / 11:09:16
Ccn Neutral - Japanese Regulators Publish New Cryptocurrency Regulation Draft y Regulation Draft read more.
12/17/2018 / 11:06:23
Livebitcoinnews Neutral - A Decentralized Exchange Leaves 0x; ZRX Co-Founder Responds read more.
12/17/2018 / 11:00:11
Bitcoin.Com Neutral - Hit by Sanctions, Iranian Students in the UK Use Bitcoin to Bypass Banks read more.
12/17/2018 / 10:55:51
Cryptoglobe Neutral - #XRP Price Analysis – December 17 read more.
12/17/2018 / 10:45:00
Livebitcoinnews Neutral - Blame Regulation or Speculator Sell-Off… But the Crypto Community is Responsible for the Most Recent Price Drop read more.
12/17/2018 / 10:30:25
Coinnounce Neutral - Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash read more.
12/17/2018 / 10:24:20
Coinspeaker Neutral - Facebook Levies an Army of Blockchain Devs: New Crypto Economy on the Way? read more.
12/17/2018 / 10:23:41
Themerkle Neutral - Crypto Arbitrage Today: XMR, ZEC, Dash, TRX, EOS, DOGE read more.
12/17/2018 / 10:18:51
Cryptonewsreview Neutral - The cryptocurrency that’s overtaken Bitcoin as the main target of crypto jackers read more.
12/17/2018 / 10:17:17
Coinspeaker Neutral - #Bitcoin Price Analysis: BTC/USD Trends of December 17–23, 2018 read more.
12/17/2018 / 10:16:50
Coinspeaker Neutral - First Time Ever Ethereum Price Surpasses Bitcoin Cash read more.
12/17/2018 / 10:15:36
Cryptoglobe Neutral - CGCX.io to offer World’s First Blockchain-Based Investment Bank in Partnership with Archipelago Group and IBH Capital read more.
12/17/2018 / 10:15:00
Coindesk Neutral - This Brazilian Bank Is Using Ethereum to Issue a Stablecoin read more.
12/17/2018 / 10:00:49
Livebitcoinnews Neutral - #Ripple Price Analysis: XRP Near Crucial Juncture, Can Buyers Make It? read more.
12/17/2018 / 10:00:41
Newsbtc Neutral - Ethereum Hits Address Milestone But Activity and dApp Usage Down read more.
12/17/2018 / 10:00:35
Bitcoinist Neutral - Bitcoin Price Now Hinges On 50-Month Moving Average read more.
12/17/2018 / 10:00:35
Coinspeaker Neutral - Bitcoin Community Celebrates the Appointment of the New Pro-Crypto White House Chief read more.
12/17/2018 / 09:56:45
Themerkle Positive - Litecoin Price Remains Bullish After Hitting $27.5 read more.
12/17/2018 / 09:53:33
Cryptoglobe Neutral - Crypto Roundup - Facebook working on Blockchain & Crypto to fund the Mexico Wall read more.
12/17/2018 / 09:41:30
Ccn Neutral - Kaspersky Lab Says Cryptojacking Cases Have Risen 400% in 2018 read more.
12/17/2018 / 09:16:16
Cryptonewsreview Neutral - Republican Congressman suggests ‘Wall Coins’ to pay for Trump border barrier read more.
12/17/2018 / 09:08:06
Cryptoglobe Neutral - #Tron (TRX) Price Analysis – December 17 read more.
12/17/2018 / 09:01:46
Coindesk Neutral - Switzerland to Regulate Blockchain Within Existing Financial Laws read more.
12/17/2018 / 09:01:11
Newsbtc Neutral - Binance Incubator Program to Foster Innovation For Blockchain and Crypto read more.
12/17/2018 / 09:00:47
Coinnounce Neutral - Bitcoin Price: How Investor Emotions Affect Crypto Prices read more.
12/17/2018 / 08:24:26
Ccn Neutral - Hong Kong Regulators Set to Tighten Cryptocurrency Laws read more.
12/17/2018 / 08:13:51
Newsbtc Neutral - Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot read more.
12/17/2018 / 08:00:23
Livebitcoinnews Neutral - Former Goldman Sachs Executive-Founded CoinFi Reports on the Importance of Blockchain read more.
12/17/2018 / 08:00:12
Ccn Neutral - Crypto Market Defends $100 Billion But Traders Generally Not Optimistic read more.
12/17/2018 / 07:24:23
Cryptonewsreview Neutral - Have crypto will travel: booking site adds XRP support read more.
12/17/2018 / 07:13:28
Cryptonewsreview Neutral - Report suggests 87% of the trading volumes at top 25 cryptocurrency exchanges could be fake read more.
12/17/2018 / 07:05:17
Newsbtc Neutral - Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely read more.
12/17/2018 / 07:00:22
Bitcoin.Com Neutral - Japan Publishes Draft Report of New Cryptocurrency Regulations read more.
12/17/2018 / 06:50:57
Cryptonewsreview Neutral - “Bitcoin is dead”, argues early cryptocurrency millionaire read more.
12/17/2018 / 06:25:38
Ccn Neutral - Ethereum Price Surpasses Bitcoin Cash for First Time Ever read more.
12/17/2018 / 06:16:35
Newsbtc Neutral - #Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis read more.
12/17/2018 / 06:00:36
99Bitcoins Neutral - Bitcoin News Summary – December 17, 2018 read more.
12/17/2018 / 06:00:29
Cryptonewsreview Neutral - The job to aim for in 2019? That’d be a blockchain developer read more.
12/17/2018 / 05:54:04
Cryptonewsreview Neutral - Bitcoin fan is hired by Donald Trump for senior White House role read more.
12/17/2018 / 05:50:55
Cryptonewsreview Neutral - John McAfee vs Donald Trump for US President? The campaign begins in earnest next month read more.
12/17/2018 / 05:47:53
Livebitcoinnews Neutral - Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings read more.
12/17/2018 / 05:21:44
Coindesk Neutral - Hong Kong Exchange ‘Hesitant’ to Approve Bitmain IPO, Says Source read more.
12/17/2018 / 05:10:30
Newsbtc Neutral - #Ripple Price Analysis: XRP Could Retest Lows Before Higher read more.
12/17/2018 / 05:00:00
Coinnounce Neutral - Bitcoin panic selling made easier by Coinbase read more.
12/17/2018 / 04:41:25
Bitcoin.Com Neutral - BCH Devs Publish Bi-Directional Payment Concept Based on IPFS read more.
12/17/2018 / 04:35:42
Themerkle Neutral - Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong read more.
12/17/2018 / 04:20:48
Newsbtc Neutral - #Ethereum Price Analysis: ETH Could Turn Bullish Above $90 read more.
12/17/2018 / 04:08:57
Cointelegraph Neutral - Crypto Anarchist Manifesto Author Tim May Dies of Natural Causes, Report read more.
12/17/2018 / 03:04:00
Negative
4.2%
Neutral
94.5%
Positive
1.0%
Mixed
0.2%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.