Wall Street Analyst Believes Consensus Conference Could Push up Bitcoin’s Price
According to Wall Street analyst Tom Lee, the Consensus conference could lead to over 70% surge in bitcoin’s price.
According to Wall Street analyst Tom Lee, bitcoin could possibly touch its all-time high during and after the Consensus conference. He believes that bitcoin could surge over 70% because of an annual cryptocurrency conference which will take place from May 14 to 17 in New York City.
By analyzing the historical data, a group of researchers from Lee’s Fundstrat Global Advisors assessed bitcoin’s historical market pattern during the Consensus conference, reports MarketWatch. The data revealed that with a rise in Consensus conference attendance, the price of bitcoin also rallied during the event in the past.
In comparison to 2016, the conference attendance doubled in the year 2017. Consequently, the price of bitcoin during the event surged by 69 percent and in the next two months, it soared by 138 percent.
The Consensus conference is a platform where cryptocurrency and blockchain experts gather to discuss important issues related to the crypto industry. The annual blockchain summit is in its fourth year.
Lee said, “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.”
He believes that this year’s Consensus conference attendance could lead to an unprecedented market rally as the conference is expected to attract more than 7,000 people. However, this year for some reasons Ethereum founder Vitalik Buterin is boycotting the conference.
Fundstrat’s Lee expects the issue of cryptocurrency regulations will be discussed at the Consensus conference, although he doesn’t see it anyhow fading the crypto zest.
“We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,” he says.
Lee is usually quite accurate with his Bitcoin price predictions as he correctly forecasted that after US taxpayers paid capital gains taxes, the prices would stop falling in April. The Wall Street analyst now predicts bitcoin to reach USD $25,000 by midyear, and by March 2020 it may touch the USD $91,000 mark. This month, bitcoin managed to reach USD $9,885. If bitcoin, as predicted, goes up by over 70 percent, it will end up crossing the USD $15,000 mark.
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