Showing posts with label Tom Lee. Show all posts
Showing posts with label Tom Lee. Show all posts

November 26, 2017

Bitcoin adds $1,000 to its value in two days; Sets record above $9,000

By Tedra DeSue - November 26, 2017 (

Bitcoin eye spied $9,000 throughout the day on Saturday, and then smoothly sailed over the milestone and hit a new record high like a breeze Sunday.

To put the move in perspective, consider this. 

On Friday, Bitcoin’s low for the day was about $7,958. On Saturday, it began its rebound from $8,227 and never looked back, passing $9,000 at 06:40 UTC today. 

Let’s review some of the chatter out there as Bitcoin keeps soaring higher. 

Predictions coming true?

Just yesterday we reminded you about one industry player in particular who has long premised that Bitcoin would hit $10,000. He’s billionaire hedge fund manager Mike Novogratz.

Clearly, he’s not alone in his optimism, but naysayers had dismissed him and others for their lofty predictions, as they were too distrusting of the long-term theories about the viability of the crypto. 

While Novogratz had earlier this year said the milestone would be achieved some time in 2018, he recently adjusted that target for the end of this year. 

Then there was Fundstrat’s Tom Lee who switched gears, going from bear to bull on Bitcoin this month. He now sees Bitcoin trading at $11,500 by the middle of next year.

What traders saying

Will these predictors who are trying to nail Bitcoin’s price movements go back to the drawing board soon, considering the crypto’s moved $1,000 in two days? 

While it’s always interesting to hear what the money managers and analysts have to say, we took a look at what every day traders are saying.

From Reddit, we found some comments that were noteworthy. 

JustARedditRetard said:

“The biggest percentage change on the weekly this year / run, was 43% back in July. Last week we had a 36% as we ripped fast from the low at 5555. (I'm looking at stamp)

This is still a far cry from the consistent 50%+ weeks that the market witnessed in 2013.

However, the market is bigger, it's slower, it's growing. More participants mean less volatility. This might well be the rate for this run. Next big bull run (Who knows when. We haven't finished this one yet), may average out at 15-20% gains with a couple of weeks at 30%. It's hard to say when a lot of the market dynamics have changed.”

rain-is-wet said:

”I've battled many a Tulip Troll over the years in news comments. Explaining why Crypto has real value and the market reflects that. But how does one defend BTG having $5.6 Billion market cap overnight? I'm sorry but this IS crypto tulip mania. They can't all be this valuable. This can't end well. (Though I think BTC will be OK.)"