Bitcoin value (BTC) plummeted sharply within the final two days following Invoice Gates and Warren Buffett’s criticism relating to the cryptocurrency markets. The biggest coin traded at across the $9,000 stage early at the moment, down nearly $1,000 from Sunday’s excessive of $9,900. Altcoins fell at a excessive mid-single-digit price within the final two days, pulling the entire cryptocurrency market capitalization to the bottom stage within the final week. Regardless of this, one other Tom Lee prediction has surfaced.
Bears are on high of the market as enterprise icons have known as cryptocurrency markets a “larger idiot concept“. Nevertheless, Tom Lee, managing companion at Fundstrat World Advisors, predicts bitcoin value to rally 70% subsequent week.
The cryptocurrency market skilled based mostly his declare solely on the upcoming New York Consensus Summit starting Might 14.
Nearly 7,000 blockchain and Bitcoin fanatics will participate within the convention. Tom Lee believes that these passionate gamers will optimize dealer’s sentiments main Bitcoin value to generate substantial good points.
“Already one of many largest crypto conferences on the planet, attendance this 12 months is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Therefore, we count on the Consensus rally to be even bigger than previous years,” Tom Lee says.
Is that this Tom Lee Prediction a Fairy Story?
It is going to be fairly tough for bulls to create and maintain any rally that’s based mostly on speculations and bullish calls. Warren Buffett and Invoice Gates have already criticized cryptocurrency markets on a majority of these predictions and synthetic value hikes.
Bitcoin and the whole cryptocurrency market want structural help to push costs larger as an alternative of speculations.
Market pundits are additionally elevating questions on the subject of regulatory roles in cryptocurrency markets through the Consensus Convention summit – which they consider could have a unfavourable affect on Bitcoin value.
Tom Lee, nonetheless, believes that commentary surrounding regulation gained’t hinder the rally saying: “Whereas regulation is certain to be a subject of dialog, [I] don’t count on this to hinder, the approaching rally.”
Featured Picture: Twitter