Bitcoin drifts back below $6,500, waiting for Millennials to drive its mass adoption

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  • Fundstrat’s Tom Lee says Millennials will drive the crypto revolution.
  • BTC/USD is capped by $6,530 resistance.

Bitcoin has slipped under $6,500 handle to trade at $6,484 at the time of writing. While the digital coin No. 1 is still in the green zone on a daily basis, a sustainable movement below both SMA50 and SMA100 (1-hour chart) may instigate more selling pressure. The market sentiments are driven by speculations as there is no fresh fundamental news that might have influenced the momentum.

From the technical point of view, BTC/USD failed to move above $6,530 resistance area, which resulted into downside movement. The price needs to stay above $6,400 guarded by Fibo 23.6% (daily), SMA200 (1-hour) and SMA50 (4-hour), to retain the positive bias. 

Tom Lee knows who will drive Bitcoin’s mass adoption

Fundstrat’s co-founder and famous cryptocurrency enthusiast Tom Lee believes in digital currency adoption driven by Millennials. Speaking at ChainXChange conference in Las Vegas, he compared the evolution and driving forces behind Internet and smartphones adoption to what’s happening with cryptocurrencies.

 A Facebook survey conducted in 2016 revealed that over 90% of Millennials distrust banks and prefer to stay away from them.

“70% of Gen X and 60% of Millennials never visit a bank branch. They do all of their transactions online. So to them, native digital is something they’re very comfortable with…” he pointed out

These statistics of low trust in banking system combined with political tensions and distrust to politicians around the world pave the way to the technological disruption in finance and banking industry, while the current bear trend presents an opportunity to enter the market as the downside momentum is fading away.

“So I think the bear market has largely run its course in crypto, and it’s been healthy. It’s been resetting capital. It’s resetting investor expectations. But most importantly, the only time you can really make money in a big way is to buy when investors aren’t buying. That’s the real opportunity,” Lee added.

BTC/USD, 1-hour chart

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