mon 2oo

In the latest Bitcoin news, we have the major cryptocurrency trying to break through the $6,700 margin and testing major resistance levels. Throughout the year, Bitcoin has been in the green and red – and according to one investor, the stability of Bitcoin at $6,000 is quite optimistic despite its history.

As Tom Lee, the general manager of Fundstrat stated in an official report, the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. In other words, miners using the electricity and mining equipment to verify transactions on the Bitcoin network can still generate profits if the price of Bitcoin stays above $6,000.

Lee further explained that the stability of BTC at the $6,000 mark is crucial. As he told Bloomberg, there are two major catalysts waiting for BTC in the year and pushing its price substantially within the next two months.

“$6,000 is a level that is more important than we realized. Earlier this year, we were pointing $6,000 as breakeven for Bitcoin mining so that level should hold. The fact Bitcoin is holding here is very good news. I think there are catalysts in the year end so I think despite the lower highs we’ve seen I think we’re starting to reverse,” Lee said.

When asked about the two catalysts, Lee pointed out to the strengthening infrastructure of the exchange market and the fear of missing out (FOMO) amongst the institutional investors.

On top of that, the entrance of major investment banks and solid products is what is driving Bitcoin’s price forward. According to Lee, the institutions entering the market will continue to force such positive growth.