Bitcoin, the largest cryptocurrency by market cap has been showcasing notable price growth reluctance for the past couple of days. BTC price going back and forth seems to be voiding the belief of many crypto pundits, who have overly pondered on the possibility of Bitcoin attaining its new yearly high, even to the point of breaking above its price all-time high this year.
In the mist of this price instability consistently displayed by BTC, Tom Lee, the Fundstrat global co-founder, recently asserted during an interview with CNBC’s Fast Money, that one unexpected scenario could propel Bitcoin’s next move higher.
Around June this year, BTC was at the peak of price surging trend. Back then, the magnificent trend actually raised the hope of a new all-time high for Bitcoin. The price uptrend also initiated Fear of Missing out (FOMO), which initiated the plunging in of lots of retail investors.
The price took Bitcoin to attain relatively $13,900. However, BTC soon nosedived, which made it to test 4-digit price region once again. Ever since, the digital currency’s market price has been exhibiting fluctuation.
BTC now struggles to stay above $11,000 resistance level. Its growth trend could be so far beneficial to the traders, but it’s clearly otherwise to the long term investors.
Few days ago, Bitcoin plummeted below $10,000, but later resurged above the level. At the time of writing, BTC is trading at $10,308.93, with approximately 2% price increase in the last 24 hours.
Tom Lee Asserts that Unexpected Scenario Could Propel Bitcoin’s Next Move Higher
Tom Lee, the co-founder at Fundstrat global has been so perpetual of positive comments about Bitcoin. He once reiterated the possibility of the digital currency breaking above $20,000, which is its highest price ever, recorded in January 2018.
In the recent interview on CNBC Fast Money, anchored by Melissa Lee, the supposed BTC investor stressed about the worth of the digital currency and the current price trend. He also compared the price action of S&P 500 to Bitcoin, stressing that BTC’s next higher move could be propelled by an unexpected event.
— CNBC's Fast Money (@CNBCFastMoney) September 12, 2019
In conclusion, Bitcoin’s present price reaction is nothing different from its past trends. So, seeing BTC struggling to live above expectations could be strange to new Bitcoiners, but in-house traders and investors would see it as a means to higher level.