Tom Lee Lowers Year-End Bitcoin Price Prediction of $25000 to $15000
With the close of 2018 insight, Tom Lee, co-founder of Fundstrat Global Advisors and Wall Street’s crypto bull is betting on a recovery.
Tom Lee once targeted Bitcoin to reach $25000 by end 2018 is lowering his prediction to $15000. Bitcoin’s latest bearish run has led investors to see the worse sentiment of the crypto market.
Lee now says he believes Bitcoin will hit $15,000 by December 31st, down from his long-standing prediction of $25,000. He is basing his revised forecast on the amount of profit that Bitcoin miners, who validate transactions on the network, can currently make.
He states that;
“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism,” said Lee, J. P. Morgan’s former chief equity strategist. “But we believe the negative swing in sentiment is much worse than the fundamental implications.”
Lee also points to institutional factors – like the coming launch of Bakkt and Fidelity entering the crypto market – as catalysts that will help boost the price of Bitcoin.
At press time, Bitcoin is valued $5,540.97 with market cap of $96,303,375,926. Moreover, for the first time ever, Ethereum is down than XRP and whereas the market cap of Ripple surges beyond Ethereum and Bitcoin Cash. Stellar glued on fifth position by crossing EOS with market cap $4,626,642,570 and $4,123,959,893 respectively.
Get Bitzamp Latest Update By Downloading our Mobile App: Bitzamp – Cryptocurrency News – Apps on Google Play