Bitcoin at $15,000 – Tom Lee Stands Firmly on Price Prediction Despite Current Decline

Tom Lee is standing by his recent $15,000 price prediction despite the current plummeting price of Bitcoin. The Fundstrat chief also said the selloff of tech stocks might be playing a role in the cryptocurrency market downturn.

Bitcoin Fair Value is $7,000

Speaking to CNBC on Tuesday, Lee declared that he was still bullish towards Bitcoin. The previous week, the Fundstrat co-founder backed down from his $25,000 forecast to arrive at a new $15,000 price prediction.

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Despite the current BTC bloodbath, Lee remains unfazed, sticking to his $15,000 end of year price target. With the top-ranked cryptocurrency trading at circa $4,700 as at press time, BTC would have to rally by more than 200 percent to achieve that amount.

Coinbase 3

While refusing to back down from his optimism, Lee did, however, concede that the current situation is cause for reflection. Commenting on the matter, he said:

Days like this, it does make me wonder. This past few days has definitely been a negative development.

To get from the present slump to a significant rally before the close of 2018, the Fundstrat chief expects institutional interest and more robust regulations to play a role. Lee also added to the list of potential reasons for the massive price crash, blaming the selloffs of tech stocks in the mainstream market.

Price Briefly Tests $4,800 – Bounce on the Way?

For Bitcoin, Tuesday began with a continuation of Monday’s decline which saw the price fall briefly to circa $4,200. The start of trading in the U.S. seemed to coincide with a significant positive candle at 3 PM UTC with the top-ranked cryptocurrency gaining $300 to go above $4,800 briefly.

Bitcoin at $15,000 – Tom Lee Stands Firmly on Price Prediction Despite Current Decline 1

However, the mini-rally couldn’t hold above this point, with a slight pullback bringing the price to $4,700. BTC is down by more than seven percent on Tuesday, but its market capitalization is back at the $80 million region. Presently, it is unclear whether the run to $4,800 was a price bounce or merely a minor short squeeze.

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Cryptocurrency Rout Continues

For the rest of the market, the situation is hardly any better. Bitcoin Cash is the biggest loser in the top-ten-coins arena, dropping more than 30 percent over the last 24-hour trading period. The 4th-ranked coin appears in danger of losing its spot to 5th-ranked Stellar.

Ethereum’s slide continues for another day. The 3rd-ranked coin now trails XRP (in 2nd-place) by almost $4 billion in market capitalization. On the whole, between Monday and Tuesday, the total cryptocurrency market capitalization shrunk by another $25 billion to leave its present value at $154.4 billion.

Image courtesy CNBC and Coinmarketcap.

Bitcoin at $15,000 – Tom Lee Stands Firmly on Price Prediction Despite Current Decline 2
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bitcoin
Bitcoin (BTC) $ 39,910.00
ethereum
Ethereum (ETH) $ 2,292.79
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 311.84
cardano
Cardano (ADA) $ 1.28
xrp
XRP (XRP) $ 0.716406
usd-coin
USD Coin (USDC) $ 0.999317
dogecoin
Dogecoin (DOGE) $ 0.207454
polkadot
Polkadot (DOT) $ 14.47
binance-usd
Binance USD (BUSD) $ 0.999277
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,910.00
ethereumEthereum (ETH)
$ 2,292.79
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 509.15
litecoinLitecoin (LTC)
$ 138.97
bitcoinBitcoin (BTC)
33.828,71
ethereumEthereum (ETH)
1.943,43
tetherTether (USDT)
0,847625
bitcoin-cashBitcoin Cash (BCH)
431,57
litecoinLitecoin (LTC)
117,79
bitcoinBitcoin (BTC)
28,932.75
ethereumEthereum (ETH)
1,662.16
tetherTether (USDT)
0.724950
bitcoin-cashBitcoin Cash (BCH)
369.11
litecoinLitecoin (LTC)
100.75

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,885 0.08 % 1.80 % 23.16 %
Ethereum2,291.8 0.15 % 0.07 % 14.37 %
Tether1.000 0.39 % 0.44 % 0.11 %
Binance Coin311.74 0.50 % 0.48 % 6.09 %
Cardano1.280 0.08 % 0.69 % 8.76 %
XRP0.7157 1.01 % 11.67 % 24.75 %
USD Coin0.9991 0.15 % 0.37 % 0.85 %
Dogecoin0.2074 0.54 % 1.78 % 8.25 %
Polkadot14.46 0.13 % 1.63 % 16.62 %
Binance USD0.9990 0.12 % 0.39 % 0.83 %

bitcoin
Bitcoin (BTC) $ 40,113.00
ethereum
Ethereum (ETH) $ 2,301.90
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 314.63
cardano
Cardano (ADA) $ 1.28
xrp
XRP (XRP) $ 0.710650
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.208663
polkadot
Polkadot (DOT) $ 14.93
binance-usd
Binance USD (BUSD) $ 1.00