Tom Lee Weighs In On Current Price Action Of Bitcoin, Says the Pull Back Is A Good Thing For the Industry

Following the downward trend in the cryptocurrency market, Bitcoin has been playing peek-a-boo as it swings up and down the price market. Bitcoin News Today learned that Bitcoin BTC wasn’t immune to the plague that affected the prices of all the major coins in the cryptocurrency market. The price of BTC fell to below $10,000, a market hadn’t fallen to in quite some time.

Bitcoin News Today – Bitcoin Price Prediction 2019 – BTC/USD – Tom Lee Comments On Price Action Of BTC

Though the BTC was able to rise again, it went through a period were it staggered like a knocked-out boxer. Regaining its feet at $10,700, Bitcoin price prediction by analysts all favor a steady rise in the price of the BTC. In a tweet on July 14, 2019, by the co-founder of Fundstrat Global Advisors, Thomas Lee believes that the recent pullback by BTC was a healthy one.

When asked about the recent decrease in the search for bitcoin in google searches, Bitcoin news today read that Thomas Lee saw the decline in the search for bitcoin as a good sign. He further said that it only showed that the growth and rise of Bitcoin wasn’t a hype. This is because the search for Bitcoin within the US on google fell by 45%. Tom Lee Bitcoin price prediction suggests that Bitcoins volatile nature may be what saves it at the end of the day.

In an interview with Bloomberg, CEO of Binance, another cryptocurrency exchange, Changpeng Zhao believed that one of the factors in the rise of Bitcoin BTC was the rallying of the retail investor, whom he believed made up as much as 60% of the overall trading volume. He believed that the number of industries in the cryptocurrency market hadn’t increased as expected.

Bitcoin News Today – Bitcoin Latest Update – Bitcoin Price Prediction 2019 – Bitcoin Recent Growth Caused By Margin Trading

Analysts and researchers believe that another reason Bitcoin BTC is showing bullish trends is due to margin trading. Binance co-founder Zhao is quoted as saying that a majority of people use margins. Zhao believed that using margins was safe and would see the number of trading increase. He said that this increase in trading volume would lead to the volatile nature of Bitcoin BTC.

A Bitcoin price forecast favors a bullish trend as analysts believe that the BTC can reach $15,000 by the end of the year. And if records are any indication, a Bitcoin price prediction of that price wouldn’t be so farfetched. Bitcoin always seems to surge after a dip in its price. The number of BTC in circulation is over 17 million and Bitcoin BTC has a market cap of more than $190 billion. Bitcoin BTC 24 hour volume stands at $22 billion.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,196.33
-0.17%

Though things look bullish for the BTC, Bitcoin latest update shows the resistance levels are $11,301 and $11,770. The support levels are $10,240 and $9,585. All Bitcoin price prediction shows that there will soon be a rally phase but it may take a while before investors can see a profit for their investment. This means that the number one coin in the cryptocurrency market is still standing firm.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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