Strategist Tom Lee Predicts New All-Time Highs For Bitcoin In July

Tom Lee, co-founder of Fundsrat Global Advisors, the only major Wall Street strategist covering bitcoin, expects bitcoin to reach new highs again in July, according to Bloomberg. The cryptocurrency has been posting some recovery since falling 70% from its Dec. 18 high to its Feb. 6 low.

Lee, who urged caution during bitcoin’s record “bull run,” said the cryptocurrency, now trading near $10,000, has established a pattern whereby its bottoms are “V-shaped.” He claims bitcoin has registered 22 corrections of 10% or more since 2010.

Recovery Follows Bull Runs

Lee said that during bitcoin’s “bull” periods, it takes 1.7 times the duration of a decline to recover. Based on that pattern, it will take 85 days for bitcoin to recover from its last plunge, which lasted for 50 days. If Lee’s analysis is correct, bitcoin will set new records by midyear.

Investor sentiment towards bitcoin improved in recent weeks, demonstrating investor bullishness, Lee said.

The 70% drop was “severe,” he stated, but there is a case for its continued resilience. In late November, Lee urged investors to exercise caution following the bitcoin price’s staggering advance during the first week of November.

The bitcoin price had risen to dizzying heights that week as bitcoin began to test the $7,500 mark for the first time in its history. At that time, bitcoin was up 25% for the week, nearly 75% for the month, and more than 700% for the year.

In late December, as the big decline set in, Lee raised his bitcoin price target from $11,500 to $20,000 for mid-2018…

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