Blockchain News bySamRo ) December 22 , 2017
Lee started endorsing Bitcoin ’ s rise when it was still below the $ 5,000 mark . According to him , last week ’ s correction that saw Bitcoin drop from its all-time high of over $ 19,000 to $ 13,600 was healthy for the cryptocurrency , so much so he raised his mid-2018 price target up from $ 11,500 .
At press time one BTC is currently trading for $ 15,800 , and Lee estimates the cryptocurrency ’ s fair value to be of $ 19,103 , 21 % above its current levels . In a note , he said :
“ We are revising our mid-2018 target to reflect the surge in activity in the past few months — that is , the base of users is up .”
The strategist ’ s price target takes into account a projected unique IP Bitcoin wallet address increase of 50 % by mid- 2018 , with user activity rising by 10 % from its current levels . Notably , back in August , Lee ’ s original prediction was for the flagship cryptocurrency to hit $ 6,000 by mid-2018 , but he has since raised it twice now .
Per Fundstrat , the number of wallets and transaction activity per wallet help us explain “ about 93 % of Bitcoin ’ s rise ” since 2013 . Lee dismisses the idea of a speculative bubble driving Bitcoin ’ s value up and says that those who claim a bubble is inflating Bitcoin haven ’ t done their homework . He said : deemed a bubble that ’ s only held by a few ?”
Bullish on Bitcoin
Bitcoin has risen over 1,900 % this year , even if we take into account last week ’ s steep decline . Despite bubble rumors , investors and strategists are seemingly more bullish on Bitcoin than ever . As recently covered by Core Media , BlockTower Capital reportedly bet $ 1 Million on the cryptocurrency hitting $ 50,000 by the end of next year .
To Lee , Bitcoin will hit $ 25,000 by 2022 , which spells bad news for BlockTower capital ’ s bet . Per his analysis , $ 11,000 is becoming a support price for BTC , followed by other support levels at the $ 10,131 , $ 7,918 , and roughly $ 7,000 marks .
John McAfee , the cybersecurity pioneer , and eclectic personality is also bullish , seeing BTC ’ s price hit $ 1 million by 2020 . In the past , McAfee predicted the cryptocurrency ’ s new all-time high , a mere 24 hours before it occurred .
Francisco Memoria franciscom @ coregroup . info
“ If someone says Bitcoin ’ s a bubble , it ’ s the smallest , least held bubble I ’ ve ever met (…) I don ’ t know very many institutions that own Bitcoin . So how can something be
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