• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
bitcoin price chart
Nexo

Bitcoin At $6,000: Key Level to Watch, Analyst Says

Georgi Georgiev by Georgi Georgiev
3 years ago
in Bitcoin Price, Bitcoin, Markets and Prices, News, News teaser
0

A Houston-based economic analyst outlined that it’s very important to watch how Bitcoin behaves at the major resistance level at $6,000. Meanwhile, Fundstrat’s Thomas Lee has said that the cryptocurrency is “likely” to reach new all-time highs “around” 2020. 


Bitcoin at $6,000: Important Level to Watch

Houston-based economic analyst Jesse Colombo, popular for his warning about the U.S. housing and credit bubble back in 2008, has shared his take on the current performance of Bitcoin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to him, Bitcoin’s performance throughout 2019 has shaken the bears and has started to develop more of a bullish trend.

However, in order for the positive trend to be confirmed, the analyst believes that Bitcoin needs to break through the $6,000 resistance level in a “decisive manner.” Should it manage to do so, it would also increase the probability of further gains.

He explains that $6,000 is an important resistance because that’s where Bitcoin found serious support for much of 2018 until November when the cryptocurrency dropped with about 50 percent in a couple of months.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoinist recently reported that Bitcoin’s price consolidation above $5,000 is a positive sign, according to a cryptocurrency hedge fund.

On the other hand, however, Colombo has also pointed out that if Bitcoin price [coin_price] fails to close above $6,000, it may fall further back down and re-test the lows in the range between $3,000 and $4,000.

Tom Lee Says Bitcoin Price New ATH ‘Likely’ in 2020

On another note, popular bitcoin permabull and chief analyst at Fundstrat Global Advisors, Thomas Lee, has once again called for a major improvement in Bitcoin’s price somewhere “around” 2020, saying that various catalysts are “likely” to drive it to a new all-time high.

It’s worth noting, however, that Lee is undoubtedly more cautious with his wording and hasn’t provided a precise target price nor a specific date.

Tom Lee Futures Bitcoin price

However, the analyst has outlined that fundamental and technical factors are improving.

I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers.

These are just three of the 11 signs that, according to Fundstrat, are characteristic of a bull market, potentially signaling that the crypto winter has come to its end.

Additionally, Lee also outlined that Bitcoin’s standard deviation from the S&P 500 which is about 2.5 this year, could also help push the cryptocurrency’s price further.

One thing to keep in mind is whenever the S&P has made a big move, … it’s almost always led to a big move in crypto later in the year. […] So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.

What do you think of the current Bitcoin price performance? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Forbes. 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Georgi Georgiev

Georgi Georgiev

Related Posts

Bitcoin

By The Numbers: Bitcoin’s Most Volatile Day Of 2022 Compared

4 hours ago
Bitcoin

Bitcoin Spot Volume Soars, 7-Day Average Tops $10B

8 hours ago
Portugal

Portugal Stance On Taxes – Crypto Haven No More?

9 hours ago
Bitcoin

Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity

10 hours ago
Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

14 hours ago
US Justice

US Justice Department Executes First Criminal Crypto Charge

14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.