Tom Lee’s dropped his Bitcoin Price Prediction from $20k to $15k

Bitcoin price prediction 2018 by Fundstrat’s Tom Lee

often referred to as the ‘crypto bull’, has revised his end of year Bitcoin price prediction from $25,000 down to $15,000, which is still pretty optimistic looking at the state of things today.

Bitcoin at $15k By Year End

Bitcoin is the leading coin and there are various price predictions for this dominating coin. Investors observe predictions before investing in any currency. And the forecast of a leading crypto personality matters a lot. Here is a news that Tom Lee, Head of research at Fundstart has dropped his price prediction of Bitcoin. He has predicted that Bitcoin will reach the $20K by the end of 2018 but now he is saying that it can reach up to $15K before the beginning of 2019. Still, he is considering Bitcoin a fruitful deal.

“While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,” he added.

Why Lee is still optimistic about Bitcoin?

There are strong reasons for the positivity of Lee. Lee is saying this on the basis of last year trends. In recent years Bitcoin always performed well in November and December months. Furthermore, he is saying that the cost of mining Bitcoin is $7K now and it is expected that the price of Bitcoin will rise by 2.2 times. When we observe the history then we notice that the Bitcoin never trade less than 2X the cost of mining.

If you calculate the cost of Bitcoin mining and multiply it with 2 then you find almost $15K. Lee also said that it is the despairing condition and it will not remain for long period.

Viable catalysts

The major catalyst is Bakkt, a new cryptocurrency exchange platform which will launch in December. And other major firms like Fidelity are looking for great integrations with Bitcoin. As a result, more institutional investors will show interest in Bitcoin.

When Lee amalgamates all these facts with historic trends he finds that Bitcoin’s price will be doubled from the current price. I am also seeing his prediction quite logic based. So be optimistic and stay connected.

 

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About the Author: Versha Gupta

A passionate writer with positive attitude towards life and seeking for opportunities. Believe in accepting challenges for exhilaration of victory. Connect with her at Facebook page

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