Bitcoin (BTC) has had a pretty tough year, has it continued to test different support and resistance level all through the year. The digital currency has tested a lot of levels this year, however, it has been pretty stable over the past weeks. Over the past weeks, Bitcoin (BTC) has been trading within the $6k and $6,800 range, showing a great level of stability than it has ever seen this year.
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Bitcoin (BTC) Price Today – BTC / USD
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Thomas Lee – a Fundstrat analyst – is one of the biggest digital currency bulls, and he said that the recent price trend of Bitcoin (BTC) is optimistic. Adding that the digital currency has been stable at the $6k level despite its lower highs.
Two Major Factors to Drive the Value of Bitcoin (BTC) This Year
In an interview with Bloomberg, Thomas Lee talked about the recent price trend of Bitcoin (BTC) and two key factors that would cause the value of the digital currency to skyrocket before the end of this year. Lee also said that the $6k level for Bitcoin (BTC) is a very important level, and the stability of the digital currency is a sign of imminent reversal.
According to Thomas Lee, the two major factors that would pioneer the next Bitcoin (BTC) price rally before the end of this year are:
- Strengthening the infrastructure of the digital currency trading platform market
- FOMO (fear of missing out) amongst institutional investors.
In the meantime, a catalyst that could begin this rally would be decided today. The U.S Securities and Exchange Commission scheduled today September 30 to make their final ruling on a Bitcoin (BTC) exchange-traded fund proposal by CBOE. Chances are the SEC will approve the Bitcoin (BTC) ETF, if this happens, then the digital currency might start the trend it started last year that saw it hit its all-time high.