Tom Lee Goes More Positive On Latest Bitcoin Price Forecast
by Ricky Makan Co-Founder at Unkrypted
Co-founder and Fundstrat strategist Tom Lee predicted that Bitcoin (BTC) will strike $25,000 at the end of this year in an interview with CNBC on (18thJanuary 2018). Lee previously had predicted that BTC would attain this mark by 2022.
The Wall Street strategist told CNBC that by 2022 he sees BTC hitting the $125,000 mark.
Lee’s prediction comes following an extremely volatile week at the crypto marketplace, together with BTC hitting $10,000, slumping much lower than it did during the market crash on 22nd Dec 2017. Just a few days before the December crash, Bitcoin had struck an all-time high over $20,000.
Lee Forecasts that $9,000, or just under the lows seen this week, is going to be the cost floor for BTC this year. He sees this industry dip as another option for investors:
We anticipate bitcoin’s significant reduction to be $9,000, and we’d be aggressive buyers around this amount […] we see this $9,000 as the largest buying option in 2018.
Lee also predicted for many altcoins, that Ethereum and Ethereum classic would see roughly 90% increase at the end of the calendar year, and NEO to experience 50% growth.
Lee’s structure for valuing bitcoin involves money supply growth, the ratio of unconventional currencies such as gold to that money supply and bitcoin’s share of those substitutes. The strategist also anticipates increased interest from institutional investors, user account growth, and usage to stimulate bitcoin’s gains.
Today(19th January 2017), the crypto market started its bounce back, with BTC up nearly 15 percent and the top 20 altcoins upward as much as 70% in the past 24 hours.
Created on Jan 20th 2018 05:26. Viewed 283 times.