As November is approaching and Bitcoin price is stuck in a crucial range, the cryptoverse is increasingly debating what will the next month bring this time.
Tom Lee, Wall Street market analyst and Bitcoin bull, remains convinced that Bitcoin could still surpass USD 20,000 - even in spite of the year-long bear market. In an interview with Heidi “BlockchainChick,” a crypto influencer, he said that “people are too bearish” and that there is still time for his prediction to come true.
The head of Fundstrat Global Advisors, a market analyst company, explained: “What happens is, people get bearish because it makes sense. I mean, market’s been terrible and we’re below 200-day [moving average] and we [at Fundstrat] published a report this week that pointed out to our clients that when Bitcoin is under its 200-day, it only goes up 50% of the time in the next six months. But when it’s above its 200-day, it is up 80% of the time, so the trend implied by the 200-day is obviously very important.”
He still stands by his USD 20,000 prophecy: according to Fundstrat’s research, by year’s end, the break-even cost of mining bitcoin will rise to USD 8,000 - USD 9,000. According to the analyst, bitcoin often trades at over two times its break-even - and sometimes even three to four times the number - so Lee doesn’t consider his price prediction all that bullish in the first place.
However, there is still a big question in the air: what’s the bottom? “Until people are convinced that there’s a bottom, like there are a chicken and an egg, you can’t motivate people until the [bottoming] event happens,” he adds.