Tom Lee: A Price Increase Between 10-70% Is Possible This Week
We already discussed the positive possibilities of Consensus months ago, but just before the event starts another big player joins the bullish predictions. Tom Lee thinks price increases of 70% are possible next weeks.
Beginning May 14, the Consensus conference that is expected to attract close to 7,000 blockchain and cryptocurrency enthusiasts, starts in New York, and one analyst said there are seasonality patterns to the conference (see chart below) that could push bitcoin back toward an all-time high.
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years,” wrote Tom Lee, managing partner at Fundstrat Global Advisors.
According to Lee, the prior Consensus rallies have yielded gains between 10% and 70%, meaning if this year does outdo the previous, bitcoin could surge back above $15,000.
While regulation is sure to be a topic of conversation, Lee said he doesn’t expect this to hinder, what he sees as a pending rally. “What could go wrong? Commentary around regulatory risks during Consensus are negative. We do not expect this to be the case, however,” wrote Lee.
NYSE preps crypto platform
Late Monday, the New York Times, citing anonymous sources, said the parent company of the New York Stock Exchange, Intercontinental Exchange, is working on a trading platform that would allow investors to purchase bitcoin.
The news is another step toward mainstream adoption for cryptocurrencies and follows last weeks announcement that Goldman Sachs Group GS, -0.08% would be opening a cryptocurrency trading desk.
Gary Cohn, President Donald Trump’s former economic adviser became the latest high profile name to weigh in on the cryptocurrency debate. A day after Microsoft MSFT, -0.43% co-founder Bill Gates said he would bet against bitcoin if he could, Cohn told CNBCthat he is skeptical of digital currencies, but sees a future for blockchain; the distributed-ledger technology than underpins cryptocurrencies.
“I’m not a big believer in bitcoin. I am a believer in blockchain technology,” said Cohn, adding that there will eventually be a global cryptocurrency, one that’s is more easily understood than bitcoin.
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