If the current trend continues, bitcoin could reach $ 50,000 again
Fundstrat, a Wall Street investment-research firm, said Bitcoin could be on track to reach $ 50,000 despite recording its third monthly drop in crypto market history.
The market flagship ciphers are in the middle of the formation of the reverse head and shoulder pattern.
"The fact that the price of Bitcoin is still looking to lower its ceilings is a" good sign, "said Tom Lee, chief executive of the fundraising research division.
As reported by U.Today, Mr. Lee also claims that Bitcoin, despite its sharp correction, can still end the year at more than $ 100,000.
The company reiterated its April research forecast and wrote that Atrium could reach $ 10,000 this year.
However, Fundastrate's analysis is questionable, as Mr. Lee became infamous in the winter of 2018 for his erroneous predictions on cryptocurrency prices.
Bitcoin is currently trading at $ 36,863 at Bitstamp. The current price is still about 43% away from the historical record of $ 64,895.