According to Fundstrat researchers led by Tom Lee, Bitcoin will reach a high level next week. Bitcoin seems to have achieved better results in 2018 after three weeks of hard work. Because it has now reached the $9,000 mark and steadily reached the $10,000 mark.
After the price of Bitcoin, which was a concern at the end of last year, fell, Tom Lee , research director of Fundstrat Global Advisors, believes Bitcoin will experience a major peak due to the upcoming consensus meeting.
Li said in a note to customers, "We expect the consensus meeting to be larger than in the past few years." He also stressed that Bitcoin is currently relatively cheap. However, recently Bitcoin struggled and failed to reach the $10,000 mark. Its price is now far below the all-time high of $20,000 last December.
By combining Bitcoin's highs and lows, Tom Lee also assumed this fact. It has always been highly effective during and after successive consensus meetings. So now it has begun to set up for another Bitcoin rally.
In addition, Lee pointed out that the 2018 meeting will be held in New York City on May 14. However, it is expected that about 7,000 people will attend the meeting. Therefore, Bitcoin jumped 69% at the previous meeting .
Lee wrote:
"This year is already one of the world's largest encryption conferences. This year's attendance has increased significantly, and at the time of bitcoin/encryption decline so far this year. Therefore, we expect the consensus meeting to be larger than in the past few years."
It is worth noting that the only possibility of a consensus meeting is that the government authorities are beginning to impose regulatory pressure on digital currencies. However, Li does not think this is a mandatory limit.
"The bottom line: We expect BTC and cryptocurrency to behave similarly to previous years and rebound during consensus."
Although so far, Tom Lee has a positive attitude in the cryptocurrency market. However, Lee is the only one who expects Bitcoin to start rebounding in early 2018. Therefore, he predicts that bitcoin prices will reach US$20,000 in the year and reach US$25,000 by the end of the year. According to Coinmarketcap, Bitcoin was trading at $9,235.01 at the time of writing.
