Bitcoin and Altcoins Nosedived, Tom Lee Still Predicts USD 25K per BTC
- Bitcoin price nosedived and broke a few important supports including USD 7,600.
- Ethereum, Ripple, Bitcoin Cash, Litecoin and other major altcoins also declined heavily.
- Skycoin jumped by more than 40% after Binance announced that the exchange will list
Bitcoin remained under heavy selling pressure and extended its slide below USD 8,000. It broke a key support area near USD 7,550 - USD 7,600, opening the doors for sellers to take control. Other major cryptocurrencies, including Ethereum, Ripple, Bitcoin Cash, Litecoin, Neo and Cardano also followed BTC and declined sharply during the past three sessions.
However, according to experts the current drop won’t bother bitcoin bulls. In an email to CNBC, Fundstrat's Tom Lee, stated that the recent slide is mainly due to "typical crypto volatility". He still thinks that bitcoin could hit USD 25,000 despite the recent drop. Lee believes, who recently admitted he was wrong to predict the Consensus conference rally, that once institutional investors jump into the market, there could be solid gains in bitcoin. However, as reported yesterday, there may possibly be a correction going into the July-September period, followed by an accumulation phase.
Bitcoin price is down roughly 3.8% to USD 7,530 (GMT 8:00 AM) with an immediate support at USD 7,500. If BTC/USD accelerate declines below the stated USD 7,500 support, the next major support is near the USD 7,200 level. Below this last, the price may perhaps test the USD 7,000 support.
On the upside, the price is facing a major resistance near USD 7,850. A successful close above USD 8,000 is must for bitcoin to bounce back.
Ethereum price was under a lot of pressure and it almost tested the USD 550 level. ETH/USD tumbled and settled below a key support at USD 600, which can be seen as a strong bearish sign.
At the outset, the price is currently correcting towards USD 600. However, the stated level will most likely act as a resistance and prevent gains above USD 605 - USD 610. On the downside, supports are at USD 650 and USD 660.
Bitcoin Cash and Ripple
Bitcoin cash traded lower sharply and even broke a crucial support near USD 1,000. BCH/USD is down 6% and is currently trading near USD 980. If sellers remain in control, the price could slide further towards the USD 950 support.
Ripple continued its decline and broke yet another important support at USD 0.60. It seems like XRP/USD is now preparing for a test of the USD 0.50 support. Resistances on the upside are at USD 0.62 and USD 0.65.
Other Altcoins Market Today
Most altcoins declined during the past three sessions, including Bitcoin Diamond, Stratis, Dash, BNB, GNT, Monero, DigiByte and Tron. The only altcoin that grabbed the market attention was Skycoin. SKY price pumped roughly 40% to trade above USD 32 after Binance announced that the exchange will list SKY.