although i agree with parts of what he has been saying so far but i think at this point he is mostly just trying to explain his predictions that never came true. in other words digging himself out of the ditch the dug before!
the ATH prediction he made out of pure hype was unrealistic to begin with but apart from that he also has a point that this current price is wrong. i have said this before that bitcoin is underpriced right now even though it will have a very hard time keeping the current price or even rising. and that is all because of manipulation not because people weren't willing to pay!!!
Topic: Tom Lee's final analysis of the year - page 3. (Read 844 times)
Fair market for some of my coins was 17k, next is 50k, and 100k, then some are priced at 1 million each. Hey, I determine what I sell my coins for. Good luck, I'll never completely sell all for inflated fiat though.
And who set the fair price!! The fair price is the price determined by people, we can't say that while Bitcoin was $19,000 and then say things versus what we said previously, I am not talking about him alone I am talking in general because that is not the first time I hear the word fair price in Crypto market, the fair for any Cryptocurrency is the price listed on the exchange, whether we think it should be valued more by people or not is totally a different thing.
In any case, he also said that the market is wrong. He reasons that the price of bitcoin is below its fair value of $13k - $14k. However, I reckon the real price should be the price that the buyer wants to pay for, not what an analyst wants hehehe.
Bullish Tom Lee
“We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
Read the full article https://www.bloomberg.com/news/articles/2018-12-13/unabashed-bitcoin-bull-thomas-lee-says-the-market-is-wrong
Bullish Tom Lee
“We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
Read the full article https://www.bloomberg.com/news/articles/2018-12-13/unabashed-bitcoin-bull-thomas-lee-says-the-market-is-wrong
The fair value of bitcoins is a tricky question, as it'll depend from person to person perspective and it's difficult to quantify it. In my personal opinion the fair value could have between 6 - 8k, had we not seen the crash. Tom Lee has spoken from an analysts point of view, and I feel he's accounted the manipulation and other factors which we laymen we have ignored, or it could be a ploy to calm the investors we need to wait and watch.
In any case, he also said that the market is wrong. He reasons that the price of bitcoin is below its fair value of $13k - $14k. However, I reckon the real price should be the price that the buyer wants to pay for, not what an analyst wants hehehe.
this is an interesting discussion if you think about it. the question that whether the current price is the result of what the buyers were willing to pay or is it the result of market manipulation.
the answer to the above question will give you the answer to whether bitcoin is below its fair value or not. then you can come up with your own analysis of what this fair value truly is.
in my opinion the current price is not a natural price that occurred due to demand but it is at this level because of market manipulation. which makes bitcoin under its true value. however I don't consider $13k-$14k bitcoin's current true value although it could have been possible if the dump never occurred. somewhere around $9k to $10k is my opinion for the value.
agree. would have been nice to sit at $10k and everyone in the crypto world would have understood a 40% correction. people would have still been plowing money into bitcoin. now a whole generation of investors are lost due to whale greed. its actually very sad because so many more people, unlike the rise in 2013, got ass raped that they will be turned off to crypto for life.
This "fair price" he is mentioning is a really weird term. From the article, however, it seems that he has a working model for determining the price, correlating the number of current bitcoin wallets with the bitcoin price. He says that the current price doesn't reflect the number of wallets currently installed:
He goes on and makes an even bolder statement:
I don't think you can use this correlation just like that, but at least it is a new approach for making predictions, at least to me. It makes some sense, because the number of wallets (in a way) reflects the demand side of the market.
Quote
“In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”
He goes on and makes an even bolder statement:
Quote
If Bitcoin wallets approach just 7 percent of Visa’s 4.5 billion account holders, fair value would be $150,000 per Bitcoin
I don't think you can use this correlation just like that, but at least it is a new approach for making predictions, at least to me. It makes some sense, because the number of wallets (in a way) reflects the demand side of the market.
In any case, he also said that the market is wrong. He reasons that the price of bitcoin is below its fair value of $13k - $14k. However, I reckon the real price should be the price that the buyer wants to pay for, not what an analyst wants hehehe.
this is an interesting discussion if you think about it. the question that whether the current price is the result of what the buyers were willing to pay or is it the result of market manipulation.
the answer to the above question will give you the answer to whether bitcoin is below its fair value or not. then you can come up with your own analysis of what this fair value truly is.
in my opinion the current price is not a natural price that occurred due to demand but it is at this level because of market manipulation. which makes bitcoin under its true value. however I don't consider $13k-$14k bitcoin's current true value although it could have been possible if the dump never occurred. somewhere around $9k to $10k is my opinion for the value.
"fair price"?WTF?There's no such thing as a fair price.
My assumption of a fair bitcoin price would be 50K USD,but it won't happen(probably in the next 3 years).
I guess that Tom Lee just wants to spread some optimism amongst the small traders/newbies.He doesn't want to make a proper analysis.
My assumption of a fair bitcoin price would be 50K USD,but it won't happen(probably in the next 3 years).
I guess that Tom Lee just wants to spread some optimism amongst the small traders/newbies.He doesn't want to make a proper analysis.
In any case, he also said that the market is wrong. He reasons that the price of bitcoin is below its fair value of $13k - $14k. However, I reckon the real price should be the price that the buyer wants to pay for, not what an analyst wants hehehe.
Bullish Tom Lee
“We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
Read the full article https://www.bloomberg.com/news/articles/2018-12-13/unabashed-bitcoin-bull-thomas-lee-says-the-market-is-wrong
Bullish Tom Lee
“We are tired of people asking us about target prices,” he said, declining to update his year-end forecast.
Read the full article https://www.bloomberg.com/news/articles/2018-12-13/unabashed-bitcoin-bull-thomas-lee-says-the-market-is-wrong
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