Bitcoin predicted to reach a new record high in July

Bitcoin may be well off its mid-December peak of $19,511, but it will be touching new highs again by July, according to Fundstrat Global Advisors LLC’s Tom Lee.

The world’s largest cryptocurrency tumbled 70% from its high on 18 December to the 6 February low, but has since recovered and is trading around the $10,000 level. That, Lee says, follows a pattern: Bitcoin bottoms are “V-shaped

“This recent 70% decline is severe,” he wrote. “We can see a case for bitcoin’s resilience here given the sharpness of the recent decline.”