Bitcoin Defends Key Support as Tom Lee Predicts $200,000 Target
- Tom Lee forecasts Bitcoin to reach between $150,000 and $200,000 by late year-end.
- Lee also predicts Ethereum could hit new highs between $9,000 and $12,000.
- Bitcoin broke past the $80,000 resistance for the first time since January.
- Analysts highlight Bitcoin’s crucial support at the $78,000 level (21-week EMA).
- The average cost basis of new whales is around $80,300.
Tom Lee’s optimistic predictions for Bitcoin and Ethereum suggest a potential end to the crypto winter as Bitcoin defends its critical support levels. The flagship crypto’s ability to maintain above key resistance zones could signal a bullish trend.
If Bitcoin successfully turns its current resistance into support at around $80,300, it may prevent selling pressure from new whales holding at a loss and potentially trigger an uptrend in the market. (Source)
