Tom Lee, an analyst at Fundstrat Global Advisors, reduced his forecast for the bitcoin exchange rate by $10 thousand, writes CNBC. Now he predicts the main cryptocurrency rate of $15 thousand by the end of the year.
The new Lee forecast, like the older ones, is based on the cost of mining one BTC. He believes that this indicator is directly correlated with the price of the main cryptocurrency. Lee noted that the Antminer S9 from Bitmain reduced the cost of production of one BTC from $8000 to $7000, so the price by the end of the year may well be 2.2 times higher than this figure.
He also focused on the situation with Bitcoin Cash, which has recently been divided into two parts. Lee, like other analysts, believes that both new cryptocurrencies owe the bearish behavior of their course to the hard fork, as this “civil war” lowers investors ' confidence in this cryptocurrency.
Lee's decision to soften his forecast may suggest that his faith in bitcoin has fallen, but he is not going to “let go”, though the recent fall below $6000 hit his positions hard.
"The fall of bitcoin below $ 6000 has caused another wave of pessimism in the crypto market, but we believe that things are even worse than they say.”
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