‘Bitcoin is highly Undervalued, should be priced between $13,800 and $14,800’ – Says Tom Lee
One of Bitcoin’s most fanatical bulls and head of Research at Fundstrat, Tom Lee has turned down a request to predict the end of year price for Bitcoin. Lee was speaking with Bloomberg when he was asked what he thought the end of year price of the asset will be.
According to Lee, Bitcoin deserves to be worth much more than its current value considering the number of wallets on its network and the number of transactions on each of them. He also added that Fundstrat is tired of people asking them to predict Bitcoin price, most of which have not come true.
Based on his calculation, Bitcoin should be priced between $13,800 and $14,800. Lee listed a number of factors that have led to the decline which brought the asset to a much lower price than it should be. These factors include the fear of a potential financial meltdown, sale of asset by ICOs to fund their projects and a normal market cycling which is to be expected.
Lee has been one of the most vocal Bitcoin bulls who have predicted a price rise for the asset before the end of the year from its longtime bottom of $6,000. He had predicted the end of year price to be $25,000 before reviewing it downward to $15,000 when the market was hit by the terrible crash in November.
Another Bitcoin bull, John McAfee had also made several bullish predictions, the prominent among them being that Bitcoin will reach $1 million by 2020. Some people think McAfee’s prediction is too brave but he has stuck with it even increasing the projected price from the previous $500,000 to $1 million.
For 2018, it is not likely that Tom Lee or any of the bulls will see their predictions come to pass. However, no one knows what the future holds and McAfee still has time to prove if his predictions are right or wrong.
The major concern, however, is if the winter being experienced now will linger and for how long it will stick around. Most industry experts think the winter will stick around for some time so there may not be light at the end of the tunnel soon. Meanwhile, things seem to be getting worse as Ethereum has plunged below $100 for days and Bitcoin is managing to stay above $3,400.
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