A drop to the $6,000 low would mean another 20% fall.
On the other side is a bull Tom Lee, who is still holding on to his $25,000 year-end target price. He said the regulatory outlook could be the impetus for digital currencies to move out of the bear market.
“In our view, the fact that Coinbase and Circle, two major crypto players, are moving closer to SEC regulatory reach, suggests implicitly, that the crypto regulatory outlook is on balance, improving,” said Lee in a June 7 research note.
“Think of it this way, why would two major players take deliberate steps that bring them deeper into the regulatory reach, unless they felt agencies were moving towards providing better clarity.”
Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.