[2018-08-28] BTC Price Approaches $7,000, Tom Lee Predicts Explosive End Of Year

[Terraformer]

After days of holding steady between $6,400 and $6,700, Bitcoin is finally making a run for the $7,000 price level. The top-ranked cryptocurrency headlines a substantial price recovery that has the total market capitalization climb to $225 billion.

Bitcoin Breaks $6,700 Resistance Level

Bitcoin rose by more than $200 on Tuesday (August 28, 2018), reaching $6,916 as of 7 am UTC. The sudden climb occurred at 12 am UTC as BTC rose from $6,766 to above $6,900 in a matter of 35 minutes. At press time, BTC was trading at $6,935 having risen by more than three percent in the last 24 hours.

The top-ranked cryptocurrency is currently at its highest price since August 7, right before the start of a series of declines that eroded most of the gains accrued in July. Apart from BTC, the rest of cryptocurrency appears to be performing well. ETH and XRP have both soared significantly, but MIOTA is the best performing top-ten coin, rising by more than 15 percent over the last 24 hours.

Outside of the top ten, NEO is up by nine percent, VeChain by 13 percent, DASH by 21 percent. More than 80 percent of the top 100 coins have experienced positive gains in the last 24 hours in what seems like a positive start to the week for the bulls.

Continue reading >> https://ethereumworldnews.com/bitcoin-price-approaches-7000-as-tom-lee-predicts-explosive-end-of-year-run/

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[cetald]

For many, autumn is the time for the growth of the cryptocurrency. In addition, all - in anticipation of news on ETF in September. The market was in a drawdown, and so they started buying crypto. If there are negative news on ETF, there is a risk, that the market will again go down.

[figmentofmyass]

oh great, tom lee is bullish again. i want to know when he's bearish---then i can be confident that the bottom is in.

i thought he'd started to tone it down as we head into Q4. he was stuck in euphoria mode most of the year, and had finally started to backtrack on his "$25k by end of year" calls.

i guess all it takes is a little mini uptrend on the daily chart for him to start calling for a new ATH again. permabulls gonna permabull.

[AXELNetwork]

oh great, tom lee is bullish again. i want to know when he's bearish---then i can be confident that the bottom is in.

i thought he'd started to tone it down as we head into Q4. he was stuck in euphoria mode most of the year, and had finally started to backtrack on his "$25k by end of year" calls.

i guess all it takes is a little mini uptrend on the daily chart for him to start calling for a new ATH again. permabulls gonna permabull.

As enthusiastic as he can be (and often wrong) it's nice to see someone in mainstream media who is positive about Bitcoin and not so negative all the time.

[aso118]

All it takes is some uptick before people start predicting an explosion in the price. $7000 is not even the highest price we have achieved this month- people forget that we were well above these levels at the start of the month. We need some real positive news before a bull rally starts.

[hatshepsut93]

oh great, tom lee is bullish again. i want to know when he's bearish---then i can be confident that the bottom is in.

i thought he'd started to tone it down as we head into Q4. he was stuck in euphoria mode most of the year, and had finally started to backtrack on his "$25k by end of year" calls.

i guess all it takes is a little mini uptrend on the daily chart for him to start calling for a new ATH again. permabulls gonna permabull.

It makes me think that Bitcoin community is a part of the problem with volatility - everyone is waiting for it to end so merchants and consumers can finally adopt Bitcoin, but then every time Bitcoin goes a few percent up or down, everyone start screaming "to the moon" or "bear market". Such hysteric reactions only contribute to volatility and it would be better if people calmed down, especially the crypto news sites who spit their junk technical analysis articles every day.

[vy99]

oh great, tom lee is bullish again. i want to know when he's bearish---then i can be confident that the bottom is in.

i thought he'd started to tone it down as we head into Q4. he was stuck in euphoria mode most of the year, and had finally started to backtrack on his "$25k by end of year" calls.

i guess all it takes is a little mini uptrend on the daily chart for him to start calling for a new ATH again. permabulls gonna permabull.

It makes me think that Bitcoin community is a part of the problem with volatility - everyone is waiting for it to end so merchants and consumers can finally adopt Bitcoin, but then every time Bitcoin goes a few percent up or down, everyone start screaming "to the moon" or "bear market". Such hysteric reactions only contribute to volatility and it would be better if people calmed down, especially the crypto news sites who spit their junk technical analysis articles every day.

Couldn't agree more with this assessment!

[timerland]

You have to understand that Tom Lee is pretty much nothing more than a guy that is feeding off his media presence, which was initially generated from his outrageous, clickbaity titles anyways.

If you know anything about price speculation in crypto, you know that Tom Lee always has some pretty ridiculous bullish predictions. And regardless of what the market sentiment or status is, he'll always say that prices are going to go up.

Whilst we are seeing a rally right now, I think that it's going to be short-lived. I still see the bear market extending well until the end of the year. Even breaking 5 digits would be a far fetched idea by the end of the year with such bearish sentiments, let alone setting an ATH.

[AltEvangelist]

Let's see. Fingers crossed. But honestly tired of all these predictions. Anyways none of them come true. They just create little bulltraps. After surviving this rather long bear phase, my state of mind is - "Whatever will be, will be" 

[Thekool1s]

oh great, tom lee is bullish again. i want to know when he's bearish---then i can be confident that the bottom is in.

i thought he'd started to tone it down as we head into Q4. he was stuck in euphoria mode most of the year, and had finally started to backtrack on his "$25k by end of year" calls.

i guess all it takes is a little mini uptrend on the daily chart for him to start calling for a new ATH again. permabulls gonna permabull.

It makes me think that Bitcoin community is a part of the problem with volatility - everyone is waiting for it to end so merchants and consumers can finally adopt Bitcoin, but then every time Bitcoin goes a few percent up or down, everyone start screaming "to the moon" or "bear market". Such hysteric reactions only contribute to volatility and it would be better if people calmed down, especially the crypto news sites who spit their junk technical analysis articles every day.

That's cuz the 'community' no longer sees bitcoin as a currency but rather an 'asset' or an 'investment' which will give them a nice ROI in a short timeframe. It's a hard pill to swallow but that is the reality. The 'vision' of Bitcoin being used as a currency has been long lost, only things like Lightning network can revive it IMO. I have hardly seen articles being promoted around which showcase the use of bitcoin/altcoins as a currency, All we hear about is "this shitcoin gained X % in 24 hours" etc leaving behind the real news. The whole Crypto News sphere is a mess TBH.

[1Referee]

The 'vision' of Bitcoin being used as a currency has been long lost, only things like Lightning network can revive it IMO.

If we're looking at Bitcoin from an unbiased perspective, it's just not able to serve a large number of people at the same time. We have seen what happened last year during the bull run, and while the network was also suffering from a massive spam attack, the fees would still be like $10-$20 if we discard that attack, which is just too high.

LN is going to be a game changer for real. I can totally see a whole new economy run on top of Bitcoin with next to zero incentive for anyone to cash out to the main-chain again.

If anyone is interested to play a bit with LN, here is currently the best available mobile client in existence; https://play.google.com/store/apps/details?id=com.lightning.walletapp

Minimum channel funding is 0.003BTC and maximum 0.167BTC, but I don't recommend anyone to fund channels with more than 0.01BTC (closer to the minimum is best). Just keep it low for testing purposes, because in the worst case you *could* lose funds.

[gentlemand]

It makes me think that Bitcoin community is a part of the problem with volatility

Volatility will be an issue until the whole idea of a 'Bitcoin community' is exceedingly quaint.

Is there such a thing as an Android community? Nope. People just use it. If someone came up to you while you had your phone out and welcomed you to the Android community you'd think they were fucking nuts.

Volatility will be tamed when it's part of the landscape and not one moment before. Until then it's still fringe and wild and nothing will stop the violence of the swings other than more people coming on board.

[hatshepsut93]

That's cuz the 'community' no longer sees bitcoin as a currency but rather an 'asset' or an 'investment' which will give them a nice ROI in a short timeframe. It's a hard pill to swallow but that is the reality. The 'vision' of Bitcoin being used as a currency has been long lost, only things like Lightning network can revive it IMO. I have hardly seen articles being promoted around which showcase the use of bitcoin/altcoins as a currency, All we hear about is "this shitcoin gained X % in 24 hours" etc leaving behind the real news. The whole Crypto News sphere is a mess TBH.

Even if you view it as an asset, it's still not smart to emotionally react to the price change on public forums and ask repetitive questions like "will Bitcoin rise?" and "how long it will be falling?". Traders and investors should pay more attention to the technology, educate themselves and then the others, because it's way more productive than talking about the price - this can help others to get better grasp on Bitcoin's fundamentals, which in turn will make them understand Bitcoin's value better and be less susceptible to panics and manipulation.

[darkangel11]

Tom Lee is bullish! Yay! Last week I saw an article about Bobby Lee also being bullish. Charlie Lee used to be bullish for years. It seems that the Lee dynasty wants us to buy
If we could only have Bruce join the gang, that would be something.
Jokes aside, I like his enthusiasm, he looks like a nice guy. Sadly he's a permabull caught in a bear market. Like a guy with bare hands when everyone is packing. His time will come in a few months.

[mazdafunsun]

I think that he is still drunk on last years BULL RUN, I dont hink that we will see another BULL run so soon. Market still is full of speculators and people who are desperately trying to get back what they lost during the hangover of crypto party. I will start to belive in next wave of bullish pattern when we i will see calm market with slow gains. For short term my prediciotns is that we are going below 6k.

[figmentofmyass]

It makes me think that Bitcoin community is a part of the problem with volatility - everyone is waiting for it to end so merchants and consumers can finally adopt Bitcoin, but then every time Bitcoin goes a few percent up or down, everyone start screaming "to the moon" or "bear market". Such hysteric reactions only contribute to volatility and it would be better if people calmed down, especially the crypto news sites who spit their junk technical analysis articles every day.

That's cuz the 'community' no longer sees bitcoin as a currency but rather an 'asset' or an 'investment' which will give them a nice ROI in a short timeframe. It's a hard pill to swallow but that is the reality. The 'vision' of Bitcoin being used as a currency has been long lost, only things like Lightning network can revive it IMO. I have hardly seen articles being promoted around which showcase the use of bitcoin/altcoins as a currency, All we hear about is "this shitcoin gained X % in 24 hours" etc leaving behind the real news. The whole Crypto News sphere is a mess TBH.

no doubt, the state of crypto media is pathetic.

still, greed is one of the beauties of bitcoin---it's why it works. miners don't provide unprecedented security for free; they do it out of greed. if you recognize the effect of metcalfe's law + limited supply, price should continue to rise as long as the network continues to grow. from that perspective, it's hard to expect people not to focus on price. if you understand BTC, you're gonna want to own some because it's simply economically rational!

i was never sold on the whole "currency" thing anyway. to me, bitcoin was (and is) supposed to be money. hard money. that could mean a highly circulated medium of exchange (i.e. "currency") but i don't think it has to.

[vy99]

It makes me think that Bitcoin community is a part of the problem with volatility

Is there such a thing as an Android community? Nope. People just use it. If someone came up to you while you had your phone out and welcomed you to the Android community you'd think they were fucking nuts.

There absolutely is an Android community. I know a lot of people that are vocally passionate about Android and they've been years trying to "convert" me.