This fiasco: Tom Lee lowered his price prediction Bitcoin to the beginning of 2019

Really bad, if even the most ardent supporters of Bitcoin on wall street abandon their previous bullish predictions. At this time, the co-founder of Fundstrat Global Advisors Tom Lee lowered the bar for cryptocurrency almost two times. In his latest CNBC interview, Li said that Bitcoin will end the year at 15 thousand dollars. Previously, experts predicted 25 thousand dollars per coin by the end of 2018.

What will be the beginning of 2019 for Bitcoin

As a key indicator for determining the “bottom of Bitcoin” analysts Fundstrat took the cost of mining. They recently reduced it from 8000 to 7000 dollars for the mass production of more effective S9 Antminer from Bitmain. Taking the basis of these figures, Li says that “fair value” of Bitcoin must be at least 2.2 times higher than the cost of mining.

However, now the situation is not in favor of the bulls. Cryptocurrency trading below $ 6,000, the Bitcoin environment has updated its annual low. However, Lee still relies on a speedy recovery main digital asset. He said that during the last correction between 2013 and 2015 the price of Bitcoin did not fall significantly below its cost of production.

The fall of Bitcoin below the $ 6,000 led to a new wave of pessimism in the market. We believe that the negative sentiment of traders and investors are more dangerous to a digital asset than a bad underlying factors.

Image source — Bitcoinist

During the conversation you also spoke about hard forks of Bitcoin Cash. In his opinion, the fall of the stock market, for the most part, occurred because of this procedure. However, the beginning of trading on the platform Bakkt and the subsequent approval by the ETF for the cryptocurrency negate any negative impact on Bitcoin.

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