Tom Lee, Wall Street strategist has raised his bitcoin forecast. He now predicts a 40% rise for the cryptocurrency in Mid-2018.
Fundstrat raises its mid-2018 price target for BTC to $11,500. “In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted … We recommend steady buying of Bitcoin at these levels,” Tom Lee said.
This is a big switch-a-roo for Mr. Lee as earlier this month, he was telling his clients to back off BTC, but now, he is telling them to invest.
“A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value,” Lee wrote. “Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted … We recommend steady buying of Bitcoin at these levels.”
The price of BTC has seen 1.3% on Wednesday when it jumped to $8,200. It passed the $8,000 level for the first time on Sunday. A really crazy factor is that bitcoin is actually up more than 700% so far this year. So, if you had money to invest in the earlier years or even earlier this year and get a nice chunk of bitcoins, you would be laughing now.
Furthermore, Wall Street banks are not ignoring bitcoin’s climb either. Even though the JPMorgan Chase CEO, Jamie Dimon’s had shrouded the crptocurrency as a good investment, the bank is now actually looking at allowing their clients to trade BTC futures. Looking at all of these factors at play now, it looks like BTC is set to keep going up.
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