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The bitcoin bulls are charging. A day after hedge fund manager Mike Novogratz said the cryptocurrency will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 -- a 40 percent gain from current levels.
Lee, who heads research at Fundstrat, said a 10 percent pullback earlier this month triggered by the controversial cancellation of an upgrade to bitcoin’s underlying software has set the stage for the coming surge. The November slump “cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost doubled his last forecast. The strategist had warned earlier in the month that bitcoin’s rally to $7,000 from $3,500 raised the likelihood for a short-term pullback. “We no longer feel caution is warranted,” he said.
Bitcoin rose 1.2 percent to $8,230.12 as of 11:05 a.m. in New York, about $100 short of its all-time high set Tuesday after Novogratz’s comments. The most popular cryptocurrency has surged more than sevenfold since December, surpassing $8,000 for the first time this week. The ride to records hasn’t been straight up for the virtual asset, with three separate slumps of more than 25 percent all giving way to subsequent rallies this year. Source.
Lee, who heads research at Fundstrat, said a 10 percent pullback earlier this month triggered by the controversial cancellation of an upgrade to bitcoin’s underlying software has set the stage for the coming surge. The November slump “cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost doubled his last forecast. The strategist had warned earlier in the month that bitcoin’s rally to $7,000 from $3,500 raised the likelihood for a short-term pullback. “We no longer feel caution is warranted,” he said.
Bitcoin rose 1.2 percent to $8,230.12 as of 11:05 a.m. in New York, about $100 short of its all-time high set Tuesday after Novogratz’s comments. The most popular cryptocurrency has surged more than sevenfold since December, surpassing $8,000 for the first time this week. The ride to records hasn’t been straight up for the virtual asset, with three separate slumps of more than 25 percent all giving way to subsequent rallies this year. Source.
Okay, so the guy just raised his projection a little bit. Actually, I am already very much happy if Bitcoin would be parking at the $10,000 for the next 12 months. But then again, we know that Bitcoin is now getting to be unstoppable after passing through the rough roads in the past many months. What did not kill Bitcoin made it stronger and more robust as it is now.
Watch out for Bitcoin rise more...it is coming right on your screen!