According to the Fundstrat researchers which is led by Tom Lee, says that Bitcoin is all set to hit high by next week. At present Bitcoin seems to be on a better part of 2018 after struggle of three-week. Since, it has now reached to the $9000 mark and steadily reaching the $10,000 mark.
After concerning the dropping in Bitcoin price after the late last year impressive performance, the research head at Fundstrat Global Advisors, Tom Lee has believed that Bitcoin will experience a major height owing to upcoming consensus conference.
The lee said in a note to clients that, “we expect the Consensus rally to be even larger than past years”. He also stressed more on saying that at present Bitcoin is relatively cheap. However, the lately Bitcoin has struggled and failed as to reach $10,000 mark. It also now a far from $20,000 its all time high hits last year December.
Tom Lee has also undertaken the fact by combining bitcoin’s highs and lows situations. It has always given efficient gains during and after previous Consensus conferences. As a result, it is now all set to set for another Bitcoin Rally.
Additionally, Lee pointed out that the 2018 conference will be held at New York City on May 14. However, around 7000 crowd is expected at the conference. Therefore, at the previous conference Bitcoin had a leap by 69 percent.
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years”.
Noticeably, the only chance that might get way of a Consensus rally is that authority have begun to apply regulatory pressure on digital currencies. Nevertheless, Lee will not consider this a mandatory restrictive.
“Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus”.
Although, till date, Tom Lee has sustained a positive vibe on cryptocurrency market. However, Lee was the only person who expected Bitcoin to bounce back during the start of 2018. Therefore, he predicted that Bitcoin price would reach $20,000 by the middle of the year and $25,000 by end of the year. At the press time, Bitcoin was trading at $9,235.01 according to Coinmarketcap.