Tom Lee lowered the forecast for the bitcoin rate by the end of the year to $ 15,000 Co-founder of Fundstrat Global Advisors Tom Lee revised his forecast for the bitcoin rate by the end of the year, reducing it from 25 to 15 thousand dollars, but even this forecast, given the current state of affairs, everything equally very optimistic.

Tom Lee lowered the forecast for the bitcoin rate by the end of the year to $ 15,000

Fundstrat Global Advisors co-founder Tom Lee revised his forecast for the bitcoin rate by the end of the year, having reduced it from 25 to 15 thousand dollars, but even this forecast, given the current state of affairs, is still very optimistic..

According to CNBC, Lee believes that when predicting the price of Bitcoin, one should start from the "break-even point" - the level at which the cost of mining Bitcoin corresponds to its trading rate. For Bitmain's S9 Antminer mining device, this level has dropped to $ 7,000, according to Fundstrat analysts, up from the previously estimated $ 8,000..

Lee's forecast is that the bitcoin rate should be 2.2 times higher than the break-even point of $ 7,000, which ultimately gives a little over $ 15,000. This week has been one of the most dramatic of 2018 for Bitcoin and other cryptocurrencies. On Thursday, its rate fell to the level at which it traded about a year ago - just under $ 5,400 - and has since won back quite a bit. At the time of this writing, it is at $ 5,540 - almost three times lower than Lee's new forecast.

Lee expects a rally based on how bitcoin behaved during the 2014 recession, when it refused to go below the break-even point.

“Bitcoin fell below the psychological $ 6,000 mark, which caused a new wave of pessimism. But we believe that most of this downturn is attributed to pessimistic investor sentiment rather than fundamentals, ”he added..

Lee also noted that “broader infrastructure is needed to attract institutional investors,” which includes Fidelity's initiatives and the launch of Bakkt. Earlier, Lee reported that he was pleasantly surprised by the stability of bitcoin against the background of a decline in global indices..

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