Bitcoin (BTC) Price At $15,000 In 2018 Still? Time Will Tell If Tom Lee A Mad Man Or Guru Genius
The bear market is eating up the crypto community during 2018. The prices of basically all the tokens are down since December 2017 and most tokens have also lost their value heavily this month. However, the Fundstrat co-founder Tom Lee has affirmed that he still believes that Bitcoin will end the year at $15,000 USD.
“What?” you may though. Lee declared that Bitcoin would end up at $25,000 USD this year some time ago but now, due to the rot of the bear market, he simply had to lower his predictions. However, he is still very bullish on Bitcoin and he has affirmed that the selloff of tech stocks might be playing a strong role in the crypto market downturn.
Lee originally spoke to CNBC yesterday, November 19, and declared how bullish on Bitcoin he was affirming that it would end the year at $15,000 USD despite being traded at less than a third of that right now, in the $4,700 USD mark.
While Bitcoin is the top token of the market, it would have to go up over 200 percent to reach the numbers forecasted by Tom Lee. How will it do, then? Lee has refused to let go of his insane optimism but affirmed that “days like, it does make me wonder” and said that the downturn has caused him to reflect, but he is still confident in his predictions.
How Could Bitcoin Go Up?
At least Tom Lee seems to acknowledge that Bitcoin will not go up alone. The trend is currently downwards, so the token will need some external effort in order to grow once more. To be valued at $15,000 USD at the end of 2018, Bitcoin would need more robust regulations and a bigger interest of institutional investors.
The massive price crash, he believes, was caused by a selloff of tech stocks in the mainstream market that affected the Bitcoin market in a negative way.
Bitcoin fell to the mark of $4,200 USD but it was raised to $4,800 USD again and now it is starting to get a little bit more comfortable with this new price.
Obviously, Lee does not comment on the specifics that could make the prices go up again, which endorses the criticism that he has received from people who do not believe that the bull run will be so soon.
The Crypto Market Is In A Dire Situation
While Bitcoin is not in a very good situation, the rest of the market may be even worse. Bitcoin Cash was the biggest loser in the bear market, but that much is obvious as the hard fork caused more problems than brought any solutions at all to BCH and the token has lost over 30% of its value in the last 24 hours.
There is even a fair chance that BCH might lose the 4th place to Stellar, currently the 5th token by market capitalization, which is resisting fairly better than Bitcoin Cash.
Ethereum is another big loser, while Ripple’s XRP may be the only winner. Now, Ripple’s XRP is the 2nd token by market capitalization while Ethereum lost its place and it remains in 3rd because its prices keep going down.
In only two days, the crypto market lost over $25 billion USD in value. Maybe we should tell Tom Lee that the market should be concerned with surviving now than Bitcoin breaking over $10,000 USD so soon.