Amidst the fluctuating cryptocurrency markets, Bitcoin’s future value remains a topic of fervent discussion.
Recently, Fundstrat’s Tom Lee has projected that BTC could soar to a staggering $180,000 by next year.
This prediction has left many wondering if now is the opportune moment to invest and “buy the dip.”
Adding to the discourse, a tweet by Will Clemente (@WClementeIII) notes that “Bitcoin long-term holders are no longer underwater,” suggesting a positive sentiment among seasoned investors in the cryptocurrency.
With these perspectives in view, the quest to decipher Bitcoin’s trajectory continues.
Experts Divided on Bitcoin’s Future: Could Hit $180,000 or Suffer Bear Market for Months or Years
Bitcoin, the world’s largest cryptocurrency, has recently lost traction. However, Tom Lee from Fundstrat Global Advisors remains optimistic about it, saying that Bitcoin could reach $180,000 by April 2024.
Despite this, not everyone shares Lee’s outlook. Some analysts suggest that the current bear market could last for many more months or even years.
They attribute this to the ongoing regulatory uncertainty surrounding cryptocurrencies that are holding back the market.
Over the last 24 hours, the global cryptocurrency market has dropped by 2%, falling below $1.2 trillion due to anticipated regulatory changes in the US.
This is the first time it has decreased this low in nearly two months, causing Bitcoin’s price to fall to $28,000.
Furthermore, the extended waiting period for SEC approval of ETFs is exacerbating negative sentiment.
Investors appear to be selling more Bitcoin, as shown by William’s percentage indicator, likely due to its recent decline.
Additionally, Binance’s decision to suspend its payments division may be contributing to the current market uncertainty.
Tom Lee’s Bullish Perspective on Bitcoin Amidst Challenges
Tom Lee, the co-founder of Fundstrat Global Advisors, is a highly optimistic analyst regarding Bitcoin.
He consistently predicts that the price of Bitcoin will increase in the long term.
Lee believes that the increasing adoption of bitcoin by major investors is a major bullish factor.
He points to the fact that large investment firms such as BlackRock and Fidelity have recently announced plans to offer Bitcoin investment products to their clients.
He believes the upcoming spot bitcoin ETF launch in the US will drive price growth.
A spot ETF enables direct bitcoin trade, unlike futures contracts. This accessibility can increase demand from mainstream investors.
Lee’s bullish outlook is not shared by all. Regulatory uncertainty around Bitcoin might keep the market dip going for months or even years.
Experts argue that the SEC’s delay in approving a spot Bitcoin ETF indicates discomfort with the asset.
Bitcoin Price Prediction
Bitcoin’s positive fundamentals are overshadowed by its sharp bearish trend, as it breaks the major support level of $28,730.
A bearish breakout of $28,730 could push BTC toward $27,150, and continuing below that level may lead BTC toward $26,000.
The breakout of the $26,000 level may cause BTC to drop to $24,840. A bullish cross above $30,000 can push BTC toward $31,700.
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