Bitcoin would Reach $25,000 by the end of 2018: Thomas Lee
Thomas Lee, the co-founder of Fundstrat Global Advisors, has predicted that Bitcoin would be reaching 25,000 USD before 2019.
His prediction comes after his misprediction about a rise in the price of Bitcoin after the Consensus conference. The price rise has been something that has been happening after the event for quite some years now and the prediction was well-analyzed.
Lee is an important figure in the world of cryptocurrencies. He has correctly predicted crypto-related trends and prices over the last few years. The last accurate prediction of his was in April when he claimed that the price Bitcoin would rise in the weeks following US tax day.
He then said that Bitcoin would go to rally during and after the Consensus conference held in New York. However, that didn’t happen until now. He tweeted his explanation for his forecasts saying:
“Two other elements are needed – first, a consensus on the regulatory framework around crypto, and second, broad cultural buy-in by institutions themselves. Incrementally regulatory uncertainty remains largely unchanged and marginal progress on the latter.”
According to a Bloomberg report, Fundstrat is still expecting Bitcoin to reach 25,000 USD by the end of 2018. For 2019, Thomas Lee believes that Bitcoin would be priced at 36,000 USD on the basis of the 1.8x P/BE multiple historical average.
Bitcoin was being traded at a 1.51 percent increase in 24 hours at 8,475.04 USD when this article was being written. Of recently, most cryptocurrencies in the market operate with a moderate amount of gains.
The only exception recently has been TRON (TRX) which has seen an increase of 7.70 percent in the last 24 hours. With the increase, TRX ranks 9th on CoinMarketCap according to the total market cap now. The cryptocurrency is now trading at 0.079614 USD which is up from a low of 0.068474 USD at which the cryptocurrency was being traded yesterday, 20th May 2018.