Tom Lee has said that the value of Bitcoin will skyrocket to a new, increased value in July. The price of the cryptocurrency will rebound within six months or so as declared managing partner and head of the research of Fundstrat Global Advisors LLC.
However, this anticipation of rebound is not merely speculative, as the observation made by Mr. Lee is supported by well researched data and statistics. All the events and causes of price slump in Bitcoin has been studied and researched to infer the conclusion made by Tom Lee. Twenty two occasions were analyzed in which the value of Bitcoin had suffered a major plunge by greater than twenty percent in each occasion. This analysis of twenty-two occasions of price collapse was done in the year 2010 and it was observed that the prices of Bitcoin rebounds in a time period that is 1.70 times longer than the time it took to decline.
Lee perceived that eleven thousand dollars is becoming a somewhat steady price of the Bitcoin. He also added that the next time the price of Bitcoin plunges, then it will be at ten thousand one hundred and thirty one dollars, seven thousand nine hundred and eighteen dollars and about seven thousand dollars.
As Lee has analyzed, the prices of Bitcoin rebounds in a time period that is 1.70 times longer than the time it takes to decline. This is the analyzed statistical data that prompted the prediction made by Lee about how the price of Bitcoin will rise to an augmented value in July. Lee claimed that, according to the data and supported statistical information, the price of the Bitcoin will reach its fully recovered value, if not more, in exactly eighty five days from now, which would be by the end of July.