- Nigel Green from deVere Group believes that BTC has bottomed out.
- Fundstrat’s Tom Lee points out the correlation between cryptos and emerging markets.
Bitcoin is creeping towards $7,000 pivot with some essential resistance levels staying on its way to sustainable rally. The digital coin No. 1 has gained 2.7% since this time yesterday, though the bulls seem to be hesitant, waiting for anew incentive to push the price higher. BTC/USD is changing hands at $6,900, off the intraday high at $6,947.
Bitcoin bears might be exhausted, according to CFTC speculative positioning data, with many industry experts forecasting steady and even explosive growth from current levels.
Thus, Nigel Green, founder and chief executive of deVere Group, believes that the recent sell-off propped the unbalanced market, and now the prices will start recovering.
“Previous to this selloff, in recent weeks bitcoin had experienced a pretty impressive rally, peaking at around $8,300. As such, what happened over the last [two weeks] was simply a standard crypto market correction,” he wrote in an email to MarketWatch. “Despite what the doom-mongers would want you to believe, the recent selloff was only ever going to be temporary, and prices were bound to rise again relatively quickly “” as they are now doing.”
At the same time, Fundstrat’s Tom Lee claims that Bitcoin will end the year “explosively higher” due to a strong correlation with emerging markets. He thinks that BTC/USD can hit $25,000 this year, assuming that a change in direction in emerging markets would lead to a similar reversal of Bitcoin trend.
“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us what sort of the risk on mentality is those buyers aren’t buying bitcoin.”
BTC/USD, the daily chart
Share
