Bitcoin has gotten battered as of late, but we may see a Santa Claus rally yet.
Tom Lee of Fundstrat Global Advisors says that bitcoin still should reach roughly $15k by the time that new year's eve ball drops.
Lee had to adjust his previous price target of $25k, citing a renewed round of skepticism surrounding the world's largest cryptocurrency.
Previously Lee had stated bitcoin would hit $25k before the new year.
More about his prediction can be found here:
Why is Lee still positive on bitcoin?
Lee said that bitcoin is in a strong time of the year seasonally. Meaning that based on past trends, bitcoin has done well in November/December.
Also, and more importantly, Lee says the cost of mining bitcoin fully loaded is roughly $7k now.
Historically bitcoin rarely trades for less than 2X the cost of mining, and certainly not less than the cost of mining outright, which is where prices are trading currently.
If you take that fully loaded cost of mining and you take that multiple of 2X and you get bitcoin at $15k.
Basically Lee says that we are seeing extremely bearish conditions that aren't likely to hold up for long.
(Source: https://medium.com/@Scifiscreen/bakkt-to-the-future-d9aaf3abe1a4)
Possible catalysts?
Lee mentioned Bakkt expecting to launch in December as a major catalyst for bitcoin going forward.
That, as well as Fidelity and a couple other large well known firms, are all building out custody solutions and expected to launch within the next few months.
Which will open the door for more institutional type investors.
Combine all of that with the seasonality aspect and Lee still says that bitcoin could still more than double from here before this year ends.
I for one sure hope he is right.
Stay informed my friends.
Image Source:
https://www.cnbc.com/2018/08/07/tom-lee-bitcoin-is-regaining-market-share.html
Follow me: @jrcornel
Seriously? This guy is optimistic, it's half way through November.
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Yep, most likely he will be wrong. Though at least he has a reason for why he picks the numbers he does. Many others can't say that...
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he think it will happen, but not he gonna make it happen.
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I hope it moons!
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You and me both.
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I think over the next 5 weeks we are going to see a nice move up.
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i would take 7th floor at this point (-:
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Damn! Hope he is correct 💰👍💰
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He's been so bullish, throughout the bear market.
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I don't get it why people still take him serious. Is it that important what he has to say?
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He has a very good track record with stocks, one of the best in the biz to be honest. Therefore many thought he would carry over that kind of accuracy into crypto. He is also one of the few Wall Street analysts to cover crypto at all. His calls/predictions are based on patterns and data science vs. gut feelings. Though, he has been wrong more than he has been right thus far in crypto...
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He is actually the best that #fakenews CNBC has on their show...but i think he is wrong here.
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CNBC loves to have him on, and the Fast Money show loves crypto, they still keep a Bitcoin ticker.
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I can see why he would say that, recently bitcoin news is getting more and more positive. Seems those who have invested their stake in are convincing other people to buy it as well and it is a simple and great strategy.
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What kind of positive news have you seen?
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Schill Post! (By Tom Lee) :)
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Tom Lee is my favorite professional crypto shill.
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Schill post? Lol is that the same as shill?
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Damn German Auto-Correct!
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Lee and Fundstrat actually have some of the better research out there in regards to bitcoin. The problem is that much of it is based on trends, which as you know, history doesn't always repeat, though it does often rhyme.
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Here is Tom talking about how constipated bitcoin is... too much cheese!
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Get that crypto a coffee enema and clean out those pipes!
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I do believe the same too, I was not aiming to $15k, more like $10K, but his reasons make complete sense and it is very likely to happen.
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They speed at which it pumped to $20k, $15k is def possible.
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he must be smoking those pot stocks he's investing in.
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He's crypto investments are definitely smoking.
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The Bakkt launch is a wild card. It could really get things moving.
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How is this going to be diff. than Coinbase or any other exchange ?
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Bakkt is launching a bitcoin futures product. This product is going to be physically backed by bitcoin, meaning that every contract is going to have actual bitcoins tied to it. This will be the first time a physically backed and fully regulated product like this has ever existed.
Why do this matter?
Many institutional type investors are only allowed to buy securities. This will mark the first physically backed security available. Which means, if institutions are really interested in bitcoin, this will be their ticket.
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ok...crypto backed by bitcoin,,, seems circular, but i prob. don't get it, no worries, ty
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It's a futures contract backed by bitcoin.
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Do you know if and how the dollar backed future contracts on Bitcoin affect its price?
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flagged for bid bot abuse @steemflagrewards
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This comment has received a 83.87 % upvote from @steemdiffuser thanks to: @atempt.
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Get Upvotes, Join Our Trail, or Delegate Some SP
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You got a 41.18% upvote from @sleeplesswhale courtesy of @stimialiti!
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I normally ignore a lot of these calls by "experts" but Tom Lee is very interesting given his prior calls regarding developing technology and the ultimate impact they have to society and business. I think he has a great futurist vision although maybe the timing could be impacted. Time will tell!
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Yep. Tom Lee is actually one of the better prognosticators out there. His calls on bitcoin have been a little off thus far, but if you followed him during his stock market directional plays, we was spot on. Very good with macro trends.
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Is the trend mounting late to build that momentum?
Hey it is about time.
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Hopefully. He is hoping for Bakkt to get things cooking.
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Bakkt will not buy at this price they will crash it even harder
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I’m going to take the contrarian view. I think most will dump more to pay for taxes this year, hope I’m wrong.
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No one made any gains this year for taxes to be paid though.
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There’s still a lot of hodlers 🤷🏼♂️
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