Veteran wall Street analyst and optimist you will not refuse from his old forecast of exchange rate of bitcoin. In his opinion, reaching the $25,000 mark is still possible.
The managing Director of Fundstrat Global Advisors talked to” BlockchainChick " about the prospects of the cryptocurrency market.
Heidi, or as she is known to fans, BlockchainChick, asked Tom about his old forecast: $25 000. Based on its experience, including that associated with the dot-com bubble, Lee said the following:
"People are too pessimistic ... People become pessimistic because it makes sense. You know that market conditions were terrible and we are below our 200 day moving average.”
Lee mentioned the 200-day MA for a reason. Fundstrat recently released a report for its clients, which stated that bitcoin is always bad, and being below the line.
But, even so, Lee looks at the situation with optimism. In particular, this is due to the growth of mining costs. According to Lee, by the end of the year, the break-even point of mining one BTC will reach $8000 - $9000, while the market value of bitcoin is often twice the break-even point, and therefore the rate of $20 000+ is quite possible.
According to the head of Fundstrat, investors will again believe in bitcoin when they realize that the bottom has finally been reached, and the bearish trend has come to an end.