Fundstrat’s Tom Lee Thinks Bitcoin Could Rally Above $15,000 Next Week
Fundstrat’s resident crypto wiz Tom Lee is using past market patterns around the timeframe of CoinDesk’s annual Consensus conference to predict a bitcoin price rally as high as 70 percent next week. The “Consensus Bump,” if you will.
Lee: ‘We Expect the … Rally’
Tom Lee handles all things crypto at Wall Street’s Fundstrat Global Advisors. And, per his latest piece of analysis, he thinks the mid-May Consensus conference in New York is going to set off an acute bitcoin price rally.
Even with recently announced boycotts of Consensus from high-profile figures like Vitalik Buterin, Charles Hoskinson, and the OmiseGo team, Lee noted the slated conference attendance this year could lead to an unprecedented market rally:
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”
The Fundstrat analyst also noted how past post-Consensus bitcoin rallies have gone as high as 70 percent, so if 2018’s “Consensus Bump” is even more potent, we could see bitcoin topping $15,000 USD and beyond next week.
Or not. We’ll have to wait and see.
Not everyone’s a big believer in charts in the oftentimes inscrutable cryptoeconomy, but Lee certainly is, and he and his team are expecting movement.
— Thomas Lee (@fundstrat) May 7, 2018
What’s Ramiro Think?
Bitsonline’s Ramiro Burgos has his own ideas for where the BTC price is heading in the not-so-distant future.
In Burgos’ latest price analysis piece, his commentary runs parallel to Lee’s, portending a possible bullish surge next week pushing bitcoin into a channel between $12,000 and $20,000:
“If the sequenced signals confirm the bullish development during the next week, a rise to $12,000 could start a big reversion to the historical highs near $20,000. A wait and see time period is on until signs show up in the chart to release the bullish trend.”
We’ll see if the crypto-starts align accordingly or not.
What’s your take? Are you strictly a HODLer, or do you make short-term crypto plays too? What’s your strategy going into next week?Sound off in the comments below.
Images via Fundstrat, CoinDesk