'Bitcoin Bull' Tom Lee Cuts Target on Bitcoin; Cryptos Fall

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Investing.com – Bitcoin resumed its trek lower on Thursday as its journey to $7,000 was foiled by renewed selling pressure amid a lack of meaningful data to support sentiment.

Bitcoin fell 2.88% to $6,500.0 on the Bitfinex exchange, after hitting a session high of $6,704.8.

While difficult to attribute a single reason for the shift lower in bitcoin, some crypto observers cited an analyst downgrade to the year-end price of the popular crypto as the catalyst.

Tom Lee, Head of research at Fundstrat Global Advisors, – widely seen as a "bitcoin bull" – cut his target price on bitcoin to $20,000. While that is well above current levels it was $5,000 below his earlier forecast.

The fall in bitcoin triggered weakness in other large-cap cryptos, pressuring the total crypto market cap to $267 billion, at the time of writing, from $269 billion earlier in the week.

Ripple XRP fell 5.93% to $0.47463 on the Poloniex exchange, while Ethereum fell 2.39% to $463.99.

Bitcoin Cash fell 6.76% to $726.06, while Litecoin fell 4.46% to $82.95.

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Source:  https://www.investing.com/news/cryptocurrency-news/bitcoin-bull-tom-lee-cuts-target-on-bitcoin-cryptos-fall-1519342