Expert Tom Lee says Bitcoin will shoot up by 70 percent
Leading cryptocurrency expert Thomas Lee, aka the “Bitcoin Bull”, predicts that Bitcoin will skyrocket 70 percent in value by next week.
Tom Lee of Fundstrat Global, says that Bitcoin will reach all-time price highs by next week’s annual cryptocurrency conference.
The Consensus Conference starts on May the 14th and will gather over 7,000 blockchain and digital currency experts.
Mr. Lee is confident that Bitcoin values will soar in time for the event.
Bitcoin could test record highs
In recent time, Bitcoin price predictions suggest an important price surge for BTC over the next few years or months.
But Tom Lee, co-founder of Fundstrat Global, explains that Bitcoin is set to rise between 10 and 70 percent after the Consensus conference.
Thomas Lee states:
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD.
“Hence, we expect the Consensus rally to be even larger than past years.”
CRYPTO: #Consensus2018, organized by @Coindesk, impact on crypto market will be much larger in 2018, given the sheer increase in expected attendance. 2017 was +1,250 additional attendees but 2018 should see +4,250 additional. 3x the impact… next week an interesting week pic.twitter.com/J9z4o1COil
— Thomas Lee (@fundstrat) May 8, 2018
The number of participants in this year’s Consensus Conference, organized by CoinDesk, has increased three times.
Compared to two years ago, the number of attendees will have risen by more than four times.
As Lee states, the last Consensus conventions produced gains of between 10 and 70 percent.
If Bitcoin increases 70 percent, prices would test the all-time highs of almost $20,000 registered in December 2017.
According to Mr. Lee, this year’s increase could be larger because of two factors:
- A bigger audience (3 times bigger)
- Cryptos and Bitcoin are down YTD
Of course, Mr. Thomas Lee did not explain how the Consensus Conference and the increase in Bitcoin’s price are related.
But coming from a respected investor like the “Bitcoin Bull,” the analysis is very welcome.
The Bitcoin market is also currently down, and has been since the beginning of the year.
A slow recovery has started in April and could continue further.
If his predictions are correct, Bitcoin could be well on its way back up to record-breaking levels.