Home Bitcoin Bitcoin (BTC) to become fast and furious once $10,000 is broken -...

Bitcoin (BTC) to become fast and furious once $10,000 is broken – Tom Lee

Thomas Lee, Co-founder of Fundstrat Global, shared his thoughts about the recent cryptocurrency market developments in an interview with Binance CFO Wei Zhou.

He believes that at this point, it is crucial for Bitcoin bulls to take out $10,000 level. Once it happens, the upside momentum will grow exponentially to take the price to $20,000 and even $40,000.

“If bitcoin somehow manages to get to [$10,000], ‘it’s very likely going to make a run to $40,000 within five months,” he said.

While it is hard to say, when this happens, the consequences will be enormous, as a sustainable move above this threshold will bring in big institutions to the market.

“Every institution is going to realize, look at $10,000 ‘it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once bitcoin hits $10,000,” Lee added.

Bitcoin’s technical picture

Psychological $8,000 serves as a strong barrier for BTC/USD at this stage as several attempts to take it out of the way discouraged bulls. At the time of writing, BTC/USD is changing hands at $7,868, down 1.2% in recent 24 hours. The strong support is created by $7,400 (the lower line of a daily Bollinger Band). Once it is cleared, the sell-off is likely to gain traction with the next focus on $7,300 and $7,280 (the lower border of the recent consolidation channel).

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much. This has also happened with PoS,...

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so...

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors. Although last Thursday we...

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received...

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the...