According to Tom Lee, Bitcoin has managed to maintain its strong performance this year. It also showed resilience even in the midst of some of the industry’s toughest regulatory action. Lee’s prediction for Bitcoin is that the value increase will continue.
Bitcoin Forecast by Tom Lee: BTC key levels hold!
Tom Lee of Fundstrat, a respected cryptocurrency analyst, is back. Explaining his views for the Bitcoin forecast, Lee says that Bitcoin maintains important support levels. What’s more, he notes that he did so despite significant regulatory challenges.
Tom Lee argues that Bitcoin remains an attractive investment, seeing both new entries and exits from major players this year. He points out that Bitcoin’s technical support and the entry of traditional, reputable firms like BlackRock and Citadel have given the cryptocurrency a stronger foundation and increased credibility. Lee notes that Bitcoin tends to perform well in “risky” environments. In this context, it shows historical correlation with strong years for the S&P and Nasdaq indices.
According to Lee, the value of BTC will continue to increase
Despite many critics arguing that Bitcoin has no intrinsic value, Lee defends the cryptocurrency, emphasizing that it is based on trust and network value. Comparing Bitcoin to other financial systems and assets such as dollars or technology stock prices, he claims that they are all backed by the same principles that underpin Bitcoin. He claims that Bitcoin’s ability to maintain its levels demonstrates its resilience and growth potential.
Tom Lee says that Bitcoin and gold often attract different types of investors. He acknowledges that Bitcoin appeals more to the younger, millennial demographic. But he sees this as an advantage for the future of Bitcoin. That’s why Lee states that over the next 20 years, the popularity and value of cryptocurrencies will continue to increase as wealth is passed on to younger generations. In line with this, “Gold is a kind of Baby Boomer thing. Bitcoin is more Millennials,” he says. He also adds that he currently owns only 100 million global Bitcoins.
Bitcoin traded at a discount of $1,000 on Binance US
Research firm Kaiko shared that Bitcoin was traded on Binance.US at a discount of about $1,000. According to the chart published by Kaiko, Bitcoin price has been cheaper on Binance US compared to other exchanges since June 22. According to the graph, inequality persists even today.
☀️Morning! ☀️#BTC continues to trade at a nearly $1k discount on https://t.co/pup2WYms9R as the rally continues. pic.twitter.com/vb6EMbHKNs
— Kaiko (@KaikoData) June 26, 2023
The price cut seen for BTC/USD on Binance US coincides with a June 22 announcement that hinted that the crypto exchange may soon stop USD withdrawals. cryptocoin.comAs you follow on June 22, Binance US has some advice for users to continue trading crypto-to-crypto as the company predicts that its banking partners may stop USD withdrawals in the “near future” even though USD withdrawals on the site are still fully operational. announced.
Given the disclosure, BinanceUS may be willing to sell Bitcoin at a discount to attract their customers’ USD. As a result, BTC/USD is trading at a discount of close to $1,000 on Binance US compared to other exchanges. Binance suspended USD deposits on June 9, in light of its legal dispute with the SEC. It also warned its users that it would suspend fiat withdrawal channels. He informed his clients that their banking partners are preparing to halt their fiat withdrawal routes around June 13. But it hasn’t done that yet.
