Tom Lee: Bitcoin has bottomed out
Tom Lee, a Bitcoin cop and known for his research company Fundstrat, gave @heiditravels an interview on the current state of the crypto-currency market. He gave a very interesting look at the crypto market.
Regarding the price of Bitcoin, Lee says his company believes that Bitcoin has bottomed out at about $ 6,000 and the next target is $ 20,000:
I think people are too bearish [...] Bitcoin's breakeven by the end of this year will be close to $ 8,000 or $ 9,000, and historically it's trading at 2 1 / 2x, so $ 22,000 is possible. [...] Bitcoin in a month before its peak, even almost tenfold. It increased by a factor of 8 from October to November 2013, and the bear market from 2013 to January 2015 amounted to 450 days, resulting in a decline of 90%. Prices simply fell to the level of October 2013, so they had more than a year to earn just one month of gains, as October 2013 was the month when Bitcoin parabolic reached its peak in November 2013. By the same logic, Bitcoin went parabolic last October and November when Bitcoin was around $ 6,000. $ 6,000 to $ 20,000 was just as parabolic, so we're just logically returning to that level.
You can view the entire interview below: