Bitcoin Bull Tom Lee Predicts $ 25,000 milestone in December. His Firm Only Determines the Target of $ 2,270 in Q1 2019
Tom Lee of Fundstrat estimates that the price of Bitcoin will touch the figure of $ 25,000 by the end of 2018. The November accident prompted Bull Crypto to reduce its prediction to $ 15,000. However, against projections, digital currencies closed the year for just $ 3,800, according to CoinMarketcap.com.
The new year also doesn't bring much help to bitcoin and the entire cryptocurrency market. The industry enters the longest bear cycle in February 2019 and, according to Fundstrat, will soon be down. The market research firm that turned bearish said in an email to Bloomberg that bitcoin could now fall below the current level below near $ 3,100.
FUNDSTRAT SETS DOWN TARGETS TO $ 2,270

Advance / Decline line (A / D) plots the difference between the number of advanced assets and decreases every day. | Source: Fundstrat, Bloomberg
Fundstrat posts price actions from three cryptocurrency indices: FS CryptoFX 10, FS CryptoFX 40, and FS CryptoFX 250. Numbers 10, 40 and 250 reflect cryptocurrency ratings in the index. For example, CryptoFX 10 tracks price data from the top ten cryptocurrency based on market capitalization, which includes Bitcoin, Ether, and XRP. Similarly, CryptoFX 40 tracks 11 to 40 digital currencies. Etc.
Meanwhile, the Advance / Decline line is a technical indicator that describes the difference between the number of assets going up and down every 24 hours. The ascending line shows an uptrend, while the descending line reflects a downtrend.
Robert Sluymer, market strategist with Fundstrat Global Advisors, found that the CryptoFX 250, an index consisting of small coins, is at maximum risk. He told Bloomberg:
"The pricing structure for most cryptocurrency is still weak and appears to be susceptible to delayed disruption to lower lows. Indicators of increase / decrease in Fundstrat risk of breaking to new lows. "
While the CryptoFX 250 index tracks the top 51-500 cryptocurrency performance with market capitalization, its negative performance disrupts market sentiment from the advanced index as well. The CryptoFX 40 index, for example, is heading to previous lows, expecting a breakdown. Similarly, the CryptoFX 10 index, which includes bitcoin, also hints at an immediate double bottom scenario.