This fiasco: Tom Lee lowered his price prediction Bitcoin to the beginning of 2019
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Really bad, if even the most ardent supporters of Bitcoin on wall street abandon their previous bullish predictions. At this time, the co-founder of Fundstrat Global Advisors Tom Lee lowered the bar for cryptocurrency almost two times. In his latest CNBC interview, Li said that Bitcoin will end the year at 15 thousand dollars. Previously, experts predicted 25 thousand dollars per coin by the end of 2018.
theWhat will be the beginning of 2019 for Bitcoin
As a key indicator for determining «bottom Bitcoin» analysts Fundstrat took the cost of mining. They recently reduced it from 8000 to 7000 $ due to the mass more effective S9 Antminer from Bitmain. Taking the basis of these figures, Li says that «fair value» Bitcoin needs to be at least 2.2 times higher than the cost of mining.
However, now the situation is not in favor of the bulls. Cryptocurrency trading below $ 6,000, the Bitcoin environment has updated its annual low. However, Lee still relies on a speedy recovery main digital asset. He said that during the last correction between 2013 and 2015 the price of Bitcoin did not fall significantly below its cost of production.
The Fall of Bitcoin below the $ 6,000 led to a new wave of pessimism in the market. We believe that the negative sentiment of traders and investors are more dangerous to a digital asset than a bad fundamental factors.
image Source — Bitcoinist
During a conversation Tom Lee also touched on the subject . In his opinion, the fall of the stock market, for the most part, occurred because of this procedure. However, the beginning of trading on the platform and the subsequent approval by the ETF for the cryptocurrency negate any negative impact on Bitcoin.
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