Bitcoin Stuck Below $6,500 But Experts’ are Still Bullish, Here’s Why

Anjali Tyagi Bitcoin News published October 22, 2018 | modified October 22, 2018


Bitcoin Stuck Below $6,500 But Experts’ are Still Bullish, Here’s Why

Bitcoin is currently trading at $6,473 while in the red with a $3.5 billion daily trading volume. Meanwhile, Experts like CEO of Genesis Global Trading and Tom Lee believes a high is coming as reflected by the flow in the business and the 200-day moving average.

Bitcoin might take a due drop but experts say high still coming

At the time of writing, Bitcoin has been sitting at $ $6,473 with a 24-hours loss of 0.85 percent. Though the leading cryptocurrency moved above the $6,460 resistance level against the USD, it is yet to break out from its currency consolidation. The technical indicators are suggesting a downward move, though it is yet to be known the exact direction the prices will swing to.  

Bitcoin 24-hours price chart, Source: Coinmarketcap

The daily trading volume of the cryptocurrency has taken a hit to $3.5 billion while BTC dominance registers 53.8% as the majority of the crypto market goes red.

Meanwhile, Bitcoin can still reach $10,000 as per the CEO of Genesis Global Trading, Michael Moro who stated,

“The last time I was on this show, I said that we were more likely to see $10,000 in Bitcoin then $5,000. So far, I’m not wrong. So I am still sticking by that prediction. Because of what we are seeing in the ebbs and flows on the loans side [of our business] I have that confidence that I don’t think we will see $5,000 flat. [However,] timing wise, I am not too sure when this is going to happen.”

Tom Lee of Fundstrat Advisors is also feeling bullish toward bitcoin as he explained in his recent interview:

“People are too bearish… What happens is people get bearish because it makes sense. You know the market conditions have been terrible and we are under our 200-day moving average.” He added. “We [at Fundstrat] just published a report this week that pointed out to our clients that when Bitcoin is under its 200-day, it only goes up 50% of the time in the next six months. But when it’s above its 200-day, it is up 80% of the time [in the next six months], so the trend implied by the 200-day is obviously very important.”

Do you think Bitcoin is going to end this year on a high? Or is there time in the next jump? Share your thoughts by commenting below!

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Anjali Tyagi 440 Articles
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.
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