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Tom Lee of Fundstrat estimates more troubles for bitcoin before recovery

March 18, 2018 By Vitali Maldashou

Tom Lee, former JP Morgan strategist and current partner at Fundstrat Global Advisors, known for his bullish bitcoin forecasts, sees more pain for cryptocurrency before a recovery, writes Bloomberg.

Bitcoin has lost more than 60% of its record high of $20,000 since December and could further hit the bottom of $5,873, according to Lee’s report for Fundstrat Global Advisors’ clients. Recent announcements by Facebook and Google to ban digital assets ads could also become a contributing factor to a period of slump.

“When sentiment is this weak, the market is increasingly ’fire, ready, aim’ – meaning, any headline today is likely to trigger selling,” said analyst.

In March Bitcoin grew twice comparing to its price average in February, but was not able to pass over a $12,000 mark, after which it started to decline sharply. After slamming into the $7,900 territory on Thursday, it could slide further to under $6,000, estimates Lee.

At the same time, the analysts see March as traditionally poor for bitcoin growth – in the last seven years the price increased only once. April, on the contrary, has been described by more positive trends.

Goldman Sachs’ technical team shares a similar opinion. It hasn’t ruled out the possibility that bitcoin could fall lower than the year’s minimum of $5,922 on February 6, 2018.

Filed Under: General News, News Tagged With: bitcoin, BTC, cryptocurrency, news

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