Thomas J. Lee, one of the most bearish stock strategists on Wall Street, is feeling a lot more optimistic about the prospects for bitcoin.
The cryptocurrency could reach $6,000 by the middle of 2018, according to a note Friday from Lee, the Fundstrat Global Advisors co-founder and former chief U.S. equity strategist at JPMorgan Chase & Co. He said user accounts are likely to rise 50 percent and usage per account to climb 30 percent.
Every 10% increase in user accounts adds $222 to bitcoin’s value, and each 10% rise in activity per account adds $274, Lee said.
Lee still expects bitcoin to reach about $25,000 by 2022 amid institutional sponsorship, better transaction platforms and increasing public adoption.
Traders should watch out for "another volatile consolidation period" into the end of August since bitcoin is getting close to resistance levels with short-term momentum becoming overbought; Fundstrat sees $4,500-$4,800 as the next resistance range.
NOTE: July 7, Biggest S&P 500 Bear Says Bitcoin May Hit $55,000 on Low Supply
NOTE: June 23, Tom Lee, Wall Street’s Biggest Bear, Cuts S&P 500 EPS Estimates
Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.
Some tips to share content and add value:
Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.
Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.
If you are actually the original author, please do reply to let us know!
Thank You!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks a lot, I wasn't aware of this, I thought it was ok if the content wasn't from Steemit to copy some of it. I will stop this practice, thank you for the info.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://finance.yahoo.com/news/one-wall-streets-biggest-stock-171835738.html
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think we are due a pull back but then $6k in 4 months is looking pretty low! It depends what happens with segwit in Nov. If that goes well, the sky's the limit. If it goes badly it could lead to a big sell off!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Think it could be higher.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
the way things are going, I don't doubt it
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit