• Sat, 25 May 2019, 02:56 PM
  • All times are UTC
  • Edition:
    International
Link copied

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.


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.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,046.12 (+0.16%)
  • Ethereum (ETH) $251.88 (-0.08%)
  • XRP (XRP) $0.387600 (-0.30%)
  • Bitcoin Cash (BCH) $407.59 (-2.00%)
  • Litecoin (LTC) $101.39 (+2.50%)
  • Bitcoin (BTC) $8,046.12 (+0.16%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft