Bitcoin Rise Above $10,00 As A Major Cryptocurrencies

Bitcoin jumped above $10,000 Thursday for the first time in two weeks, as other major cryptocurrencies climbed and regulatory fears subsided.

The cryptocurrency climbed 8 percent above $10,200 in early afternoon trading New York time on Coinbase, the largest U.S. marketplace for buying major cryptocurrencies. Bitcoin also topped $10,200 on CoinDesk's bitcoin price index, recovering more than $4,000 after dipping below $6,000 last Tuesday.

A number of other major cryptocurrencies, including ethereum, ripple, bitcoin cash and litecoin were also higher Thursday. On Wednesday, litecoin got a major boost from news that a payments processor for the digital asset, called LitePay, is set to launch later this month.

In a Thursday report, Fundstrat Global Advisors' Tom Lee said historical performance of bitcoin bottoms "implies new highs by July."

During "bull" periods of upward trends, such as the current environment, bitcoin recoveries take 1.7-times the duration of the decline. That "implies that 85 days are needed to recover prior highs — this is July 2018."

Lee raised his mid-2018 bitcoin target to $20,000 after an intraday plunge in December, and predicted in January that bitcoin will reach $25,000 by the end of this year.

Source: coinbase

In a Thursday report, Fundstrat Global Advisors' Tom Lee said historical performance of bitcoin bottoms "implies new highs by July."

During "bull" periods of upward trends, such as the current environment, bitcoin recoveries take 1.7-times the duration of the decline. That "implies that 85 days are needed to recover prior highs — this is July 2018."

Lee raised his mid-2018 bitcoin target to $20,000 after an intraday plunge in December, and predicted in January that bitcoin will reach $25,000 by the end of this year.

Source: coinbase