Despite the current slump in the market, which has seen Bitcoin dropping to new lows after an impressive performance late last year, Tom Lee, head of research at Fundstrat Global Advisors and prominent Bitcoin bull, has predicted that the cryptocurrency will see a major price spike owing to the upcoming Consensus conference.
In a recent note to clients, Lee pointed out that Bitcoin is, currently, relatively cheap. The cryptocurrency has struggled, and failed, to break through the $10,000 barrier lately – a far cry from the $20,000 all-time high it reached during December last year.
Lee observed that the low price, combined with the fact that Bitcoin has always displayed significant gains (between 10%-70%) during and after previous Consensus conferences, means the stage is set for another Bitcoin rally.
In addition, Lee pointed out that the 2018 conference (marking the fourth year of the event), scheduled to kick off in New York City on May 14, is expected to pull in a crowd of roughly 7,000 (as compared to last year’s 2750-strong crowd) – previously, when attendance increased, Bitcoin jumped by 69% during the conference, and 138% in the months following the event.
“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,” Lee wrote.
The only thing that might get in the way of a Consensus rally is the increased regulatory pressure authorities have begun to apply on cryptocurrencies – however, Lee doesn’t see this as a significant deterrent.
“Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.”
Lee has been similarly optimistic about the cryptocurrency in the past; in February this year, he predicted that Bitcoin would reach another high in July 2018. Similarly, in January this year, Lee claimed that Bitcoin would touch $25,000 by the end of 2018.
This article appeared first on Cryptovest
