Bitcoin price likely to find support at $3,000 and $2,500, says BTCC co-founder Bobby Lee
Tue, 11 Dec 2018, 08:19 am UTC
With the ongoing pessimism in the crypto market, BTCC co-founder Bobby Lee expects bitcoin price to find support at $3,000 and $2,500, Forklog reported.
BTC/USD, which fell to a fresh low of $3,210 (Coinbase) on December 7, is currently trading around $3,400 at press time. Momentum studies suggest bearish bias with no major sign of reversal.
Lee’s comments are based on a survey in which he asked if bitcoin price will bottom out in January 2019. A total of 4,793 people took the survey.
According to the survey results, 39 percent of respondents expect bitcoin price to break below the $2,500 mark.
Apparently many people have voted that #Bitcoin will go below $2,500 in this bear market. I’ll be very surprised if it ever hits $2,000 again. I suspect there will be a lot of buy orders and support at both $3,000 and $2,500 mark. We will see! https://t.co/M8ljIVnt73— Bobby Lee (@bobbyclee) December 8, 2018
In his latest forecast, BitMEX CEO Arthur Hayes said that bitcoin price could fall to $2,000. He said
“They [BitMEX Research team] have concluded that we have more to go in this current bear market. Due to the collapse in Bitcoin price volatility, I agree with this sentiment.
“A 75% fall from $9,152 takes us close to $2,000. $2,000 to $3,000 is my new sweet spot…”
Earlier this month, Bloomberg Intelligence analyst Mike McGlone said that the price of bitcoin and other cryptocurrencies are likely to weaken further, adding that BTC/USD could plummet to $1,500.
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