A Houston-based economic analyst outlined that it’s very important to watch how Bitcoin behaves at the major resistance level at $6,000. Meanwhile, Fundstrat’s Thomas Lee has said that the cryptocurrency is “likely” to reach new all-time highs “around” 2020.
Bitcoin at $6,000: Important Level to Watch
Houston-based economic analyst Jesse Colombo, popular for his warning about the U.S. housing and credit bubble back in 2008, has shared his take on the current performance of Bitcoin.
According to him, Bitcoin’s performance throughout 2019 has shaken the bears and has started to develop more of a bullish trend.
However, in order for the positive trend to be confirmed, the analyst believes that Bitcoin needs to break through the $6,000 resistance level in a “decisive manner.” Should it manage to do so, it would also increase the probability of further gains.
He explains that $6,000 is an important resistance because that’s where Bitcoin found serious support for much of 2018 until November when the…