The upcoming event Consensus 2018 is gaining a lot of attention as Analyst and Wall Street strategist shares his bullish sentiments of the event and people’s interests grow despite Vitalik’s boycott, that is expected to bring another bull rally like last time.
Analyst Tom Lee bullish on Consensus 2018 event
Coindesk’s Consensus event has a lot of hype surrounding it. With less than a week left for the event to go live on May 14, crypto enthusiasts are yet again trying to figure out how this event will affect the bitcoin prices and cryptocurrency market.
According to Tom Lee of Fundstrat Global Advisors, we are in for a stellar BTC performance:
“We expect the Consensus rally to be even larger than past years,” the head of research said in a note to clients, referring to the Manhattan conference gathering for its fourth year. The event may draw more than 7,000 people, a surge from roughly 2,750 a year ago, Lee said. Last time, when new attendance doubled, Bitcoin rose 69 percent during the conference and 138 percent in the two months afterward, he said.
However, Lee also points out, “Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.” Talking about the regulations, he stated that it could dampen the enthusiasm of users and investors but the scenario is rather unlikely.
Let’s take a look at the Consensus driven bull history
Though the past event does not dictate what is to happen, as BTC can even drop down to serious lows or hit an astounding trillion dollar market, it is interesting to take a look at the exciting times of 2017’s Consensus event.
On April 1, 2017, BTC was about $1,000 which after the last year’s Consensus conference, that was held on May 22-24, went to the $2,728 price value. This surge was followed by the December’s $17,900 value with a slight dip in September.
BTC price on a bullish momentum
In a way, Bitcoin has set the stage for the upcoming rally. Currently, Bitcoin is at $9,317 price value, which is still quite a way to reach its $20,000 high.
In the past three months, BTC went above $11k level, only twice in mid-February and in the early March. After this, Bitcoin went down to the $6,600 level at the beginning of April. After this dip, Bitcoin started an upward trend with its prices rising to $9,900 level with a gradual shift in its prices.
There has been bullish momentum in the market as the entire cryptocurrency market registered the gains. Though there have been a few dips here and there, the sentiments are positive in the market right now. With the Consensus event around the corner, this bullish sentiments will further gain momentum to drive the BTC prices over $10k level and take it closer to the $20,000 price value.
Despite Vitalik’s boycott, interest in Consensus event thriving
At the end of last month, Ethereum co-founder Vitalik Buterin announced that he will be boycotting the Consensus event hosted by Coindesk and further encouraged others to follow the suit:
“I am boycotting @coindesk’s Consensus 2018 conference this year, and strongly encourage others to do the same.”
However, despite Buterin’s strong sentiments against the annual event organized by Coindesk, the event is gaining a lot of attention and interest as it reportedly registered over 5k attendees a week ago.
Consensus just hit 5,300 registered attendees. Still two weeks to go… https://t.co/wnSiWEGZCp
— Barry Silbert (@barrysilbert) April 29, 2018
The conference will also have government officials such as Brian Quintenz, Commissioner of CFTC, The Hon Albert Isola MP, Gibraltar’s Minister for Commerce, and James Bullard, the President, and CEO at Federal Reserve Bank of St. Louis that might affect the regulatory aspect positively.
Do you think this event will again start a chain of a bullish trend in the crypto market?