Co-founder and Fundstrat strategist Tom Lee had earlier made the prediction that Bitcoin (BTC) would hit the $25,000 mark. He has made another statement saying that he won’t drift from the prediction he had made before. In support of his perspective, he cited about three factors which he though supported his prediction that the surge would be moving past the 2017 high.
It was on Wednesday that reports showed that BTC had declined to about $8,000.From mid-April to early May much it terms of the gains made were lost and that led to BTC trading at around $7,500.
The plunge witnessed on Wednesday has taken BTC much lower-about 41%. Lee has attributed the plunge to o the “typical crypto volatility.” A lot of people are seeing his stand as a bullish one, however, he has moved with speed to explain everything with three major factors.
Bitcoin and matters surrounding it
Lee pointed out to the institutional investors as one of the factors that triggered the possible price increase. They had expressed their interest in the crypto space, but they haven’t made any move so far and they are holding on the point that the market is currently characterized by some regulatory uncertainties.
It was at the start of this month that Fundstrat Global Advisors outlined that on the basis of the historical averages the price of BTC stood at $36,000 in 2019.Analysts were able to make predictions regarding the range of cryptocurrency between $ 20,000 and $ 64,000 by the time 2019 was coming to a close. And to get to that point they analyzed the relationship between the operating costs of BTC and the price.
A lot of people see Bitcoin as the most polarizing asset class of all time, but still there is a group that believes it is the future of money. There is also a common misconception that it is a scam. The different standpoints keep influencing the kind of predictions they make regarding where the price of digital currency is moving to. Skeptics are firm on their stand citing that Bitcoin and the rest of the cryptocurrencies have no future since they will end up worthless.