Bitcoin price to ROCKET to $25,000 in just MONTHS claims cryptocurrency expert
Thomas Lee, co-founder and Head of Research at Fundstrat, made his bold statement after a major surge in the value of the original cryptocurrency.
Bitcoin saw a 14 per cent jump in just an hour on yesterday.
Mr Lee commented on the sudden rise by suggesting a much larger value climb could be about to occur.
He said: “We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”
Since Bitcoin was first mined in 2009, the virtual money has seen its value surge and it reached an all time high of more than $17,000 (£12,000) in December 2017.
However, following the turn of the year, the digital currency’s value took a dramatic fall and at one point was worth just $7,000 (£4,900).
Yesterday’s rise was the first large breakthrough in the price of Bitcoin in 2018.
The sudden fluctuation in Bitcoin’s price is typical of cryptocurrencies.
The digital money is unregulated and experiences sudden changes in price.
Mr Lee believes it is now time for a long-term recovery in the price of Bitcoin.
He said: “It’s overdue. Bitcoin was incredibly oversold.
“When you look at metrics like price-to-book, which is ‘money cost,’ or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”
The cause of yesterday’s value boost is unknown.
However, it is believed cryptocurrencies saw their initial major drop in value following fears of the introduction of regulation.
South Korea introduced a raft of measures in January aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum.
A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed.
India’s Government has said it does not consider cryptocurrencies to be legal tender and will try to phase out payments using the online money.
The topic of international regulation has also been discussed by the G20.
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