Wall Street strategist Tom Lee raises bitcoin figure, now predicts 40% hike

Nishanth Shetty

Nishanth Shetty

November 23, 2017 6:12 am

Wall Street strategist Tom Lee raises bitcoin figure, now predicts 40% hike
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Bitcoin News

In the wake of turning careful on bitcoin prior this month, Fundstrat’s Tom Lee advised customers Wednesday to hop once more into the cryptocurrency.

“Half a month prior, we turned here and now unbiased on bitcoin as the value level at that point (~$7400) surpassed our gauge of reasonable esteem,” Lee wrote in the report. “A week ago, Bitcoin tumbled to $5,600 and from that point forward bounced back. In our view, this move to $5,600 tidied up feeble hands and we never again feel alert is justified. … We prescribe steady purchasing of Bitcoin at these levels.”

Therefore, the strategist raised his mid-2018 value focus for bitcoin to $11,500 from $6,000, speaking to almost 40 percent upside to its present level.

Lee is bullish on the cryptocurrency as a result of his gauges for solid development in the quantity of bitcoin records and exchange dollar volume per account. He noticed how Coinbase has more than 14 million records.

The cost of bitcoin rose 1.3 percent to $8,200 Wednesday. It outperformed the $8,000 level out of the blue Sunday, as indicated by information from industry site CoinDelite. The advanced cash is up more than 700 percent so far this year.

Enormous Wall Street banks are not overlooking the cryptocurrency rise. In spite of JPMorgan Chase CEO Jamie Dimon’s candid feedback on the feasibility of bitcoin as a speculation, the bank is taking a gander at enabling its customers to exchange bitcoin prospects, as indicated by a Wall Street Diary report Tuesday.

 

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