Tom Lee: Bitcoin to Hit All-Time Highs in July
February 17, 2018
Сo-founder of Fundstrat Global Advisors and the only major Wall Street strategist covering bitcoin Tom Lee expects that BTC will reach its all-time highs no later than in July 2018. The cryptocurrency has already recovered some of its value after the 70% drop from all-time high on December 18 to the lowest point of the fall on February 6.
Lee was urging to be cautious during bitcoin's "bull run", saying that the cryptocurrency, which is now trading at about $10,000, has now formed a pattern where its bottoms are "V-shaped". He says that overall 22 BTC corrections of 10% or more happened since 2010.
The strategist also said that it usually takes 1.7 times of a decline time to fully recover. Based on this suggestion, bitcoin will recover in 85 days from its last fall, which lasted 50 days. If Lee is right, then bitcoin will set its new all-time highs in the middle of 2018.
Lee believes that investor's mood towards bitcoin has been improving in recent weeks, which proves that they are generally optimistic.
At the end of November 2017, Lee urged investors to be cautious after the price of bitcoin skyrocketed in first weeks of that month. BTC price had been rising rapidly that week, as the cryptocurrency began to check the level of $7,500 for the first time in its short history. At that time, bitcoin had grown by 25% for the week, almost 75% for the month and more that 700% for the year.
At the end of 2017, when the correction begun, Lee raised his projected BTC price for the middle of 2018 from $11,500 to $20,000.
Tom Lee was the chief equity strategist at JP Morgan Chase from 2007 to 2014, before he decided to help launch Fundstrat, becoming the first market strategist focused on bitcoin prices in July 2017.