Fundstrat Global Advisors analyst with optimistic forecasts, Tom Lee, expressed the opinion that after overcoming the $ 10,000 level, the Bitcoin-driven FOMO price will be driven to $ 40,000. Bloomberg reports.
In a customer newsletter, Lee wrote that an upward price movement would be promoted by "increasing the level of transparency and market integrity."
“The breakdown of $ 10,000 will serve as a trigger for FOMO [loss of profit syndrome among investors],” the expert added.
He also stressed that after passing through the above-mentioned psychological level, the movement will accelerate, with the result that in a few months the mark of $ 40,000 will be reached.
“The bottom line is: cryptozyme is over ,” Lee said.
A somewhat different point of view is held by CoinDesk analyst Omkar Godboul. In his opinion, the rate of digital gold in the short term may fall to $ 8600.
Three day schedule
BTC / USD chart from TradingView
According to Godboul's observations, the picture is more or less optimistic on the higher timeframe. Thus, from the beginning of February to the present day, the price continues to consistently update rising minimums and maximums, which indicates the stability of the upward movement.
Moving averages (MA) with periods of 5 and 10 are still directed to the "north", the relative strength indicator (RSI) is moving up the trend.
Thus, the path of least resistance is to $ 10,000. However, resistance to it can be served at $ 9642, corresponding to 38.2 Fibonacci (if you stretch the grid from December 2017 high at $ 20,078 to December 2018 low at $ 3,193) .
The advantage so far on the side of buyers. However, the situation may drastically change if the price of BTC drops below MA 10, now passing through the $ 8477 mark. Pronounced bearish sentiments will reign, if Bitcoin fails below $ 7,600 – in this case, the bullish pattern from rising highs will simply be broken.
Four hour schedule
BTC / USD chart from TradingView
On a smaller timeframe, the situation is somewhat different – there is a bearish price divergence with the RSI indicator, indicating a high probability of correction.
Time schedule
BTC / USD chart from TradingView
On the lower timeframe, you can see how the price is stuck between the 50 and 100 hour MA, which serve as resistance and support levels, respectively. Thus, to continue the upward movement of Bitcoin, it is necessary to overcome the MA 50, passing through the $ 9198 mark.
On the other hand, a dip below $ 9000 will push the price to the level of $ 8,600, corresponding to the trend line originating from the June lows.
Recall that in May, Tom Lee gave 13 arguments in favor of completing cryptozymes.
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