Tom Lee Backtracks From His Latest Predictions: Bitcoin Will Reach $15,000 By The End Of This Year

Tom Lee Backtracks From His Latest Predictions: Bitcoin Will Reach $15,000 By The End Of This Year

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Answer Tom Lee Backtracks From His Latest Predictions: Bitcoin Will Reach $15,000 By The End Of This Year

Tom Lee, co-founder of Fundstrat often referred to as a “crypto bull,” has revised his year-end bitcoin price forecast from $25,000 to $15,000 and is still very bullish given the state of the digital currency today.

Bitcoin Price Will Reach $15,000 By The End Of The Year (2018)

Speaking in an interview with CNBC News, one of the founders of Fundstrat Global Advisors said that the main issue was Bitcoin’s breakeven point, which is the level at which mining costs match the trading price. For the Pioneer S9 Antminer, the level has fallen to $7,000 from the previous estimate of $8,000 according to analysts.

Read:Bitcoin Drops Below $47,000 Despite Bitcoin Supply Drop in Trading Platforms to All-Time Lows

Lee’s prediction is that Bitcoin should be at 2.2 times the new breakeven price of $7,000, which would put it just above $15,000. This week was one of the worst periods for Bitcoin and cryptocurrencies in 2018.

Bitcoin dropped to a new yearly low to just under $5,400 on Thursday. At the time of writing, it is trading at $5,540. That’s three times lower than the year-end level, according to Tom Lee’s forecast.

Lee is still forecasting a recovery pointing to the previous long slumps in 2014 when bitcoin never made a move without breakeven (no win, no loss).

“While Bitcoin has broken below the psychologically important $6000 level, it has led to a renewed wave of pessimism. But we think the negative swing in sentiment is much worse than the intrinsic effects.”

Some of the blame has been placed on the recent “crypto war” that erupted on Twitter between opposing factions of Bitcoin Cash. Verbal harassment and ensuing displays of power have exposed weaknesses and divisions in the crypto community – a group of technology and computer science experts who should all strive to achieve the same thing regardless of the details of the chains or divergent ideologies.

Read:The founder of the ADA Cardano project warns of fraudulent operations and clarifies his position on expecting the price of the coin to reach 150 dollars

Tom Lee added that “part of creating a broader infrastructure necessary for institutional engagement” was orchestrated through the involvement of Fidelity and the launch of Pact. The fundamentals of cryptocurrencies have been generally good for the last half of the year, however the bears are still pushing the markets to their lowest levels in more than 12 months.

Cryptocurrency markets are dropping again today, and the total market capitalization is hovering above $180 billion which is more than 78% lower than its January peak of $830 billion. Coincidentally or not, the crypto winter of 2014 saw the markets drop by 78% when they dropped from over $15 billion to $3.3 billion over 13 months.

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