Top Investor Explains Why Bitcoin Is Set To Hit Highs This Year
Cryptos tend to record highs at the end of the year.
Tom Lee Predicts Good Prices For Bitcoin
The current price of bitcoin is impressive despite lows in 2018, Fundstrat’s Tom Lee has said. Lee opines that the current stability around the $6,000 mark offers some optimism going into the future.
At the beginning of 2018, Fundstrat had stated in a report that the current bitcoin price will be dominant this year since it is a breakeven juncture for miners. In other words, miners that make good use of power and mining devices on the bitcoin system have a chance of making good profits in case the value of bitcoin stands at over $6,000.
Speaking to Bloomberg, Lee pointed out that bitcoin’s price could soar higher due to the current stability and two more catalysts. He said that the value of $6,000 is key than imagined since it will hold. Lee believes that the next two months, bitcoin price will start to rise again soon. He pointed out that strengthening exchanges and fear of missing out are the key propellers for bitcoin to hit the next highs this year.
Lee’s comments come at a time when trading platform Baktt started to set up a platform that is anchored on regulations. The platform seeks to work as a trusted keeper and broker for established investors. According to Lee, such initiatives from Baktt will open the door for major institutions to join the industry.
He, however, pointed out that bitcoin still has some work to do in order to be attractive to institutional investors. He agreed with billionaire Mike Novogratz. The investor had stated that chances of him putting his money in bitcoin remain low until the crypto surpasses the resistance marks of $8,800 and $10,000. Lee adds that the success of Bakkt will also play a major role for enrolling institutions into the crypto market.
Why Lee’s Projection Is Unlikely
A few months back, Lee maintained that the price of bitcoin will soon hit $25,000. However, as the year nears the end, the targets appears unlikely considering the highs and lows witnessed for the better part of the year. If the target is achieved, it will be bitcoins all-time high since inception. The largest crypto has however shown stability at $6,000 from July. This points to a growing momentum in the next two months. Historically, cryptos soar higher during the last two months of the year.