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

By Anjali Tyagi
Published October 22, 2018 Updated October 22, 2018
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Bitcoin Stuck Below $6,500 But Experts’ are Still Bullish, Here’s Why

By Anjali Tyagi
Published October 22, 2018 Updated October 22, 2018

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!


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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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