RATE Group | Why Some Bulls Expect Bitcoin to Fall Below $5,000 Prior to Big Rally
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Why Some Bulls Expect Bitcoin to Fall Below $5,000 Prior to Big Rally

25 Aug Why Some Bulls Expect Bitcoin to Fall Below $5,000 Prior to Big Rally

Posted at 20:15h in Bitcoin News by

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bitcoin price fall off cliff

Today, Fundstrat’s Tom Lee has reaffirmed his $30,000 Bitcoin price target by December. But, other permabulls are not as optimistic as Lee about the short-term trend of Bitcoin.

In May, BitMEX CEO Arthur Hayes stated that he would like to see the BTC price fall to the $5,000 region before recovering and initiating a 2017-esqe rally to ensure that the market does not expose itself to the creation of a minor bubble.

This week, ShapeShift CEO Erik Voorhees and cryptocurrency investor Anthony Pompliano, better known as Pomp, echoed the sentiment of Hayes, stating that the bear market of Bitcoin is not over just yet.

$5,000 Before $10,000

bitcoin price
BTC/USD | Bitfinex

On CNBC Crypto Trader, hosted by Ran Neuner, Voorhees, the founder and CEO of major digital asset trading platform ShapeShift, said:

“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a…

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