Bitcoin price might have dropped below $6,400 level, but bulls predictors are not affected by this as they are standing strong to their forecasts. Fundstrat advisor Thomas Lee is confident with his $25k and Ten-X co-founder stays true to his $60k while bitcoin researcher goes with $50k by year-end.
Will the “Bitcoin Bull” return in 2018? Thomas Lee thinks it will
The last couple of days might have been a bit extreme for Bitcoin as it lost about 6 percent of its value. However, it does have started shaking the bears off as Bitcoin price climbed above $6400 level. Crypto market might not have much stability but one thing stands strong in this market even amidst the fear of charging bears. Bitcoin price predictors don’t care if the price has taken a toll and seems to hit the rock bottom. They stand and they stand strong as happened this time as well.
The recent sell-off in the crypto market couldn’t put a dent to the optimism of Thomas Lee, the Fundstrat Global Advisors head of research. Lee is sticking with his $25,000 price prediction for Bitcoin by this year-end. Lee is one of the most outspoken bulls from the Wall Street who has been a strong supporter of the crypto market.
Reportedly, Bitcoin is historically trading at 2.5 times its mining cost. According to Bloomberg, Lee stated during an interview in Taipei that this will rose to $9k by the year-end.
However, Lee has always been a bit too enthusiastic as his forecast for Bitcoin price to reach $20k by mid of this year went way short off its mark.
Bitcoin prices up to $50k & $60k predicted by bulls by year-end
TenX co-founder Julian Hosp has also not lost any of his hope as he still stands strong to his $60k Bitcoin price prediction. Hosp told CNBC that positive regulatory developments will drive the prices to even a new height than before. Sticking to his prior prediction, he stated,
“Back then, December, [the] price was at $20,000 all-time high. I predicted for 2018; we’re going to see $5,000 and $60,000. So, $5,000, we pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”
Another supporter came into the form of “Spook”, a bitcoin researcher and hedge fund trader who makes a strong case for his forecast of $50k.
Apparently, Bitcoin has gone through the similar bear cycles during the past nine years. It would rise significantly before plunging to about 80% of its value. This correction then leads to large green margins.
Due to this trend, traders, experts, and analysts believe one can always expect the loss of about 60 to 80 percent to make about 15 times the profits in a year.
So, what’s your number? What will the price of bitcoin by the end of the year?