According to Bloomberg, Tommy Lee, founder Fundsrat Global Advisors, and almost the only large trader from wall street that works with cryptocurrencies, expects that the price of bitcoin will reach new highs in July.
Lee, who urged caution refers to a sharp increase in the price of bitcoin in December, said that bitcoin can be traced to the “V-shaped” pattern. He believes that only bitcoin has experienced 22 such correction in 2010.
Lee believes that periods of correction and rehabilitation is 1.7 times more time than bullish periods. Based on this template, you will need 85 days to recover from the recent decline in rates, the duration of which is 50 days. If the analysis is correct, then a new record price of bitcoin will establish by the middle of summer.
According to Lee, the mood of investors towards bitcoin has improved in recent weeks, and it speaks to their optimism.
Lee also said that the increase in the price of bitcoin was caused by the growing number of new investors, and that Fundsrat bought bitcoin during the price drop.
According to forecasts of the Fund, the number of unique users of bitcoin wallets will increase by 50% by mid-2018, while the activity of users will increase by 10% compared to the end of December. Lee also confirmed its forecast that by 2022 the price of bitcoin will reach 22 thousand U.S. dollars.
Lee, who was the chief strategist for assets in J. P. Morgan Chase from 2007 to 2014 before based Fundstrat, became the first widely known market strategist on wall Street who started to work with bitcoin.