As of writing, according to Coinmarketcap.com, bitcoin is being traded at $8,330. Just a day ago, on March 18, the currency saw a fall to $7,400, a margin which bitcoin had not reached since early February when it dropped to $6,200.
Bitcoin’s supporter Tom Lee, despite anything, speaks out about its bright future.
The start of 2018 has definitely been not the best period for this cryptocurrency, bringing it fluctuating conditions for the development.
After bitcoin reached the peak of $20,000 it in mid-December 2017, hardly ever has come back to the rate of $19,000 at least.
In such circumstances, lots of non-coiners, as well as BTC “bears,” started talking about bitcoin bubble bursting and giving the most unpleasant predictions over its price.
Tom Lee’s Another Positive Future Trend
By contrast, bitcoin bulls (apparently) take the opposite side. For instance, Fundstrat’s analyst Thomas Lee earlier forecasted bitcoin surge by the end of 2018.
This time, just a few days before another BTC drop, the bitcoin’s supporter predicted its price will go as high as to $91,000, particularly, in two years from now.
How Did He Measure Potential BTC Price?
The Lee’s forecast is based on the analysis of bitcoin’s previous price changes, including huge drops, as per Forbes. The chart below demonstrates these variations, traced by Fundstrat.
To make up a chart, the analyst had to resort to the average of the percentage, showing how much bitcoin grew in price after each fall. This allowed Lee to see how BTC price will change in the perspective of two years – by March 2020.
According to Forbes, there is no much difference between this cryptocurrency’s peaks and dips as long as Lee’s chart is based on a logarithmic scale in contrast to the common linear-based graph.
Chart Source: Fundstrat, Bloomberg