Tom Lee of Fundstrat has confirmed that the value of Bitcoin will double resulting in the market’s recovery by the end of March. The price rise will be facilitated if the increments are announced by the companies, like Rakuten, a Japanese company of e-commerce, has launched a cryptocurrency called RakutenCoin. This announcement heralded positivity and hopes for the global crypto currency market and marked off a huge rise in sale of Bitcoin and altcoins.
As can be interpreted from analyzing the history of trend in Bitcoin prices, and announcements made related to cryptocurrencies, it can be safely predicted that the global crypto currency market will recover by March end. On Last Wednesday, Lee stood firm on his predictions of value of Bitcoin, at a value of twenty thousand dollars that is double of the current value of Bitcoin, and is now heading towards its target price of twenty-five thousand dollars that the crypto currency will assume at the end of 2018, as predicted by Tom Lee of Fundstrat. Tom Lee is a cryptocurrency expert and Wall Street major strategist, who issues formal values of prices of Bitcoin.
The 3-month performance of Bitcoin
The price plunge of Bitcoin follows a pattern of occurrence in the first two months as observed in six out of seven years of its presence in the market. Bitcoin traded at 10450 dollars on Wednesday, which is higher by 2.90% of February price and low by 21% of the year. Bogged down by stringent govt regulations and prohibitions, the price had dipped below 600 dollars in November before rising in rebound.
Lee has recommended to investors to avoid trading in Ripple and Zcash due to the sharp dive in their prices. The marketcap value has halved to 270 billion dollars in January for every cryptocurrency except Bitcoin, as reported by CoinMarketCap.
Other major sharks that have recently leaned in towards supporting crypto currencies include Facebook, Amazon and LendEDU.