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Tom Lee Bitcoin price target

BTC Price | Holding Above $6K Despite Bearish Comments

Two days after Jim Cramer made bearish comments on Bitcoin, the BTC price has started to revive itself. A bullish reversal is not yet confirmed, as Bitcoin would have to break above key resistance for that to happen.

However, the BTC price has moved back to above $6,000, which indicates a trend reversal could very well be in progress. 

And yet, Cramer has still thrown in the Bitcoin towel. He even did so on the day that Bitcoin crossed a high of $6,259. So what gives?

Jim Cramer BTC Price: Who Should We Believe?

It’s difficult to say, as the crypto market is somewhat divided this week. Some are saying it’s game-over for Bitcoin, while others are confident BTC is eyeing a new target for bull reversal.

For those believing Bitcoin is coming to an end, we have Jim Cramer. 

On Tuesday, Cramer, who is the co-founder of the TheStreet, said to his CNBC audience that Bitcoin nearing 2018 lows suggests that the possibility of recovery is becoming less likely. Here, the 63-year-old former hedge fund manager is likely talking about the February low of $6,000, which, if the BTC price falls during the rest of the week, is possible of being hit. 

Jim Cramer didn’t outright state that Bitcoin is broken, which is a notion Tom Lee has denied this month. He even made it clear that he’s “not saying its time has passed,” but simply that there is something suggesting “the sun seems to be setting” on the virtual currency.

But is he right? 

Bitcoin Price Today: August 16, 2018

At press time, Bitcoin is selling for $6,356.38, which puts the coin down 0.70% in the past twenty-four hours. 

The gist is this: if Bitcoin can move past $6,675, then it’s safe to say a bullish trend reversal has arrived. Sounds like a faraway goal based on today’s BTC activity, but let us not forget the coin jumped to $6,649 on Wednesday. 

BTC price
Source: CoinMarketCap

Crypto Price Predictions

At this point, everything (for the most part) is speculation. Jim Cramer may believe that the current price action illustrates that Bitcoin won’t return to new highs (he’s not alone; Wall Street’s Jeff deGraaf imagines something similar), but Fundstrat’s Tom Lee thinks the opposite.

At the start of this month, according to Fundstrat’s Bitcoin Misery Index, Bitcoin “isn’t broken” if it can hold at its current level. Granted, at the time of this news, Bitcoin was trading above $7,000. 

The Takeaway

As I said, it’s all speculation. It’s easy to listen to financial leaders’ theories, whether it be the Jim Cramer BTC price forecast or the Tom-Lee Bitcoin price target.

However, if you want an organic approach to Bitcoin, monitor the charts so you can see where the coin is sitting for yourself.

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Tom Lee Bitcoin Price Target Changed

Last month, Bitcoin enthusiasts breathed a sigh of relief when they were informed that the Tom Lee Bitcoin price target was $25K by the end of 2018.

But a month later, now in the second half of the year, Tom Lee has changed his mind. He now expects that Bitcoin will trade a little over $20,000 by year-end.

Tom Lee Bitcoin Price Target: 20% Less Than Original

As the Bitcoin bulls and bears continue to fight, the Fundstrat co-founder has sided with both in certain instances. He admitted that Bitcoin’s trading volume has dropped. He cut his Bitcoin price target. Yet Mr. Lee made it evident Thursday that this is not something investors should fret over.

The New Tom Lee Bitcoin Price Target: July 5th, 2018

On Thursday, in an interview with CNBC, Lee said that he had cut his price target and expects to see Bitcoin at $22,000 per unit by the end of 2018. That’s 20% less than his previous $25K year-end projection.

According to Tom Lee, this is OK. He said any return nearing his $20K forecast for the coin by the end of the year would be an increase of roughly 200%.

Tom Lee Bitcoin Thoughts: Early Stages

In May, Bitcoin reached its most recent high, which was around the $9,800 price mark. Since then, BTC has lost roughly 30%.

Despite this, Tom Lee believes that Bitcoin, as well as blockchain technology, are only in the “early stages” of their transformation. He even called them a “multidecade story.”

Are Bitcoin Investors Worried?

Tom Lee appears to be undeterred. However, the new Tom Lee Bitcoin price target may have shocked a few people. Why? Because Lee has stuck by his $25K prediction through thick and thin – even when the Bitcoin price dropped during the 2018 Consensus conference.

Takeaway

Are you worried about the slash to the Tom Lee Bitcoin price target? Or, do you share his view that Bitcoin is in the early stages of transformation, and a few thousand is nothing to quibble over?

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