Tomi Lee: the price of bitcoin will set a new record in July 2018
According to Bloomberg, Tomi Lee, founder of Fundsrat Global Advisors, and nearly the only major wall street trader who works with cryptocurrencies, expects the price of bitcoin to reach new highs in July.
Lee, who urged caution refers to a sharp increase in the price of bitcoin in December, said that bitcoin can be traced to the “V-shaped” pattern. He believes that bitcoin has experienced 22 such corrections since 2010.
Lee believes that the correction and recovery periods take 1.7 times longer than the bullish periods. Based on this template, you will need 85 days to recover from the recent decline in rates, the duration of which is 50 days. If the analysis is correct, the new record price for bitcoin will set by mid-summer.
According to Lee, investors ‘ mood for bitcoin has improved in recent weeks, and this suggests their optimism.
Lee also said that the rise in the price of bitcoin was caused by an increase in the number of new investors, and that Fundsrat bought bitcoin, during the price fall.
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According to the Fund’s forecasts, the number of unique users of bitcoin wallets will increase by 50% by mid-2018, while user activity will increase by 10% compared to the level of the end of December. Lee also confirmed his forecast that by 2022 the price of bitcoin will reach 22 thousand us dollars.
Lee, who was the chief asset strategist at J. P. Morgan Chase from 2007 to 2014 before founding Fundstrat, became the first widely known market strategist with wall Street to start working with bitcoin.