Fundstrat employee Tom Lee predicted that the price of Bitcoin would reach $91,000 by March 2020. This estimate, according to Forbes reported on March 17;
Lee also introduced the Bitcoin Misery Index (BMI) a week ago, when it was at its second lowest point in the last 8 years.. This is a contra indicator, so lower is a more positive outlook for Bitcoin to move up in price.
Short pain for long-term gain
Lee et al, Bitcoin Created a new chart showing 4 different periods in which ‘s has fallen by 70% or more since 2010. Made substantial gains after three previous declines. It has probably gained much more than any other asset in this time frame.
Forbes notes that BTC’s highs and lows are no different, as the chart is based on a logarithmic scale compared to a traditional linear-based chart.
Lee and Fundstrat used price averages to arrive at the 2020 figure after each bottom.
Tom Lee’s opinions
Lee’s since the price was under $3,000 predicts high prices for Bitcoin (BTC). In July 2017, Lee previously stated that Bitcoin will reach a value of $55,000 by 2022.. In January of this year, Lee said that Bitcoin will hit $25,000 by the end of 2018.
Lee’s report also shows that Fundstrat’s strategy is to focus on more established digital currencies.. Because large companies and organizations will put resources into just a few, cryptocurrencies over 1500 will be hit hard.
Cointelegraph & Forbes