{"id":744,"date":"2018-11-20T14:45:05","date_gmt":"2018-11-20T14:45:05","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=744"},"modified":"2025-06-13T11:15:21","modified_gmt":"2025-06-13T11:15:21","slug":"bulls-on-back-foot-bitcoin-price-drops-amid-market-selloff","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/bulls-on-back-foot-bitcoin-price-drops-amid-market-selloff\/","title":{"rendered":"Bulls On Back Foot: Bitcoin Price Drops Amid Market Selloff"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/bulls-on-back-foot-bitcoin-price-drops-amid-market-selloff\/#Tom_Lee_Declines_his_Bitcoin_Price_Prediction_for_this_year\" >Tom Lee Declines his Bitcoin Price Prediction for this year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/bulls-on-back-foot-bitcoin-price-drops-amid-market-selloff\/#Is_it_Possible_for_BTC_to_Create_a_Substantial_Bull-Run\" >Is it Possible for BTC to Create a Substantial Bull-Run?<\/a><\/li><\/ul><\/nav><\/div>\n<p data-pm-slice=\"1 1 []\">Cryptocurrency markets lost over $30 billion last week. Bitcoin\u2019s price fell below the key $6,000 level. BTC now trades around $5,500 \u2014 the lowest point in 12 months. The latest price crash puts bulls on the back foot and fuels market pessimism.<\/p>\n<p>Bitcoin Cash was among the biggest losers in the top 10. Its price dropped from $630 at the start of the week to $380 now. That\u2019s a loss of nearly 40% in just seven days.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tom_Lee_Declines_his_Bitcoin_Price_Prediction_for_this_year\"><\/span>Tom Lee Declines his Bitcoin Price Prediction for this year<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The unexpected selloff in the Bitcoin price has compelled Tom Lee to drop his fiscal 2018 BTC price prediction from $25,000 to $15,000. Though the analyst has trimmed the BTC price prediction, he is still optimistic that BTC is still in sound fundamental position.<\/p>\n<p>He <a href=\"https:\/\/finance.yahoo.com\/news\/fundstrat-tom-lee-predicts-bitcoin-171900300.html\">said<\/a>, \u201c<em>While Bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism, but we believe the negative swing in sentiment is much worse than the fundamental implications<\/em>.\u201d<\/p>\n<p data-pm-slice=\"1 1 []\">He claims the crypto market selloff was caused by a specific event. It wasn&#8217;t driven by fundamental factors with long-term effects.<\/p>\n<p>Lee bases his price prediction on mining costs and breakeven levels. He explains, \u201cBitcoin has historically traded at 2.5 times its mining cost. So, it\u2019s not out of the question that it could reach $15,000 by year-end.\u201d<\/p>\n<p>According to Tom Lee\u2019s data science team, Bitcoin&#8217;s mining breakeven point is about $7,000. He believes BTC can trade at 2.5 times that level.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_it_Possible_for_BTC_to_Create_a_Substantial_Bull-Run\"><\/span>Is it Possible for BTC to Create a Substantial Bull-Run?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">BTC has the history of<a href=\"https:\/\/icoholder.com\/blog\/understanding-cryptocurrency-and-blockchain-a-guide\/\"> making significant<\/a> price swings in both directions due to some specific event or market speculations. This is why it\u2019s quite difficult to predict where BTC would stand in the long and short term. With bulls on back foot after the recent sharp decline, it&#8217;s clear that the latest sell-off was triggered by a specific event, while the market fundamentals remain strong \u2014 thanks to the entrance of Goldman Sachs and other institutions.<\/p>\n<p><em>What\u2019s your opinion of Tom Lee\u2019s new price prediction? Let us know about your thoughts in the comment section below.\u00a0\u00a0\u00a0 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency markets lost over $30 billion last week. Bitcoin\u2019s price fell below the key $6,000 level. BTC now trades around $5,500 \u2014 the lowest point &hellip; <\/p>\n","protected":false},"author":16,"featured_media":8402,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bulls On Back Foot: Bitcoin Price Drops Amid Market Selloff<\/title>\n<meta name=\"description\" content=\"Bitcoin bulls on back foot as price plunges below $6,000, triggered by selloff despite strong market fundamentals - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/bulls-on-back-foot-bitcoin-price-drops-amid-market-selloff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bulls On Back Foot: Bitcoin Price Drops Amid Market Selloff\" \/>\n<meta property=\"og:description\" content=\"Bitcoin bulls on back foot as price plunges below $6,000, triggered by selloff despite strong market fundamentals - 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