Will Bitcoin See A BIG PRICE RISE This Month?

maxabit (57)in #crypto • 6 years ago

There has been a buzz in the crypto market that hints at a big rise in Bitcoin prices in the month of May 2018. To be more precise this increase is expected after May 14, which is when the Consensus conference is scheduled. This is a blockchain technology conference which is held every year and is attended by thousands of crypto experts and enthusiasts. This year there are over over 7000 participants who have registered.

The person who has predicted this increase is Tom Lee of Fundstrat which is an economic advising consultants firm. It has been a trend for the Bitcoin prices to rise during the time of the conference.

For example there was an increase last year by 69% when 2750 people attended the conference. It has been the same in the previous years as well with each year seeing an increase in the value of Bitcoin which coincides with the time of the event.

The optimism is also based on the fact that participants have increased from 2750 to 7000 this year which is more than a 100% increase as compared to last year. But to be more realistic, last year saw a boom throughout the year which pushed up the prices of Bitcoin. This was exclusive of the buzz created by the conference and was due to many other factors.

If the same amount of increase happens this year Bitcoin could rise to over 15000 USD after the conference which is being held from May 14 to 17 this year, in New York. If the post conference trends last year are taken into account the rise could be even beyond 21000 USD.

While enthusiasts hope that these numbers come true, it is a known fact that overall interest in crypto has diminished this year due to various reasons. While Bill Gates and Warren Buffett are putting down cryptocurrencies the negative publicity is being balanced out by statements of the likes of Tom Lee.

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