Tom Lee, one of the brilliant minds behind Fundstrat, believes that the annual cryptocurrency conference due to be held next week could help Bitcoin reach a new all-time high, once again. The reason for which Lee is confident has to do with history, as Bitcoin prices have traditionally gone up during the past events.
The Consensus, which is bound to run from May 14 until May 17, will be held in New York City. Nowadays, the Consensus is in its fourth year and expected to attract nearly 7.000 cryptocurrency enthusiasts and advocates. By analyzing past trends, Lee felt confident in telling his clients that the event’s previous editions happened to coincide with Bitcoin gaining between 10 to 70% on its price.
But, there is also the idea that Bitcoin is now even more popular than in the past years, meaning that this rally could indeed outperform previous years.
“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.”
In this context, should Lee’s analysis of previous years appear to materialize, then this year’s Consensus could see Bitcoin reach the $15,000 mark. In other words, if this speculation/theory is correct, then Bitcoin could once again come incredibly close to its all-time high. Of course, nothing is set in stone, and Lee knows it as well. To solidify his point of view, he cited regulatory concerns that could go against our hopes and dreams:
“What could go wrong? Commentary around regulatory risks during Consensus is negative. We do not expect this to be the case, however.”
But, although unlikely, it could happen. Mainly since Bitcoin and other virtual assets have been making waves in mainstream media, regulation will, without a doubt, be a hot subject of conversation during the rally. Also, we can’t help but mention the scrutiny now faced by giants such as Ethereum, to whether or not the virtual asset can be classified as a security by the SEC. The results of that could have devastating impacts on the crypto ecosystem, but we will just have to wait and see.
Leap of Faith
We expect that those who believe in Lee are doing so because of his previous predictions regarding Bitcoin prices. Back in August 2017, he speculated that the world’s most famous cryptocurrency, Bitcoin, would exceed the $6,000 mark by the middle of 2018, which has happened.
And while this price did, later on, go down after a few months, it still does not dismiss the prediction. Plus, he made a similar statement the following tax day in the United States, when he declared that the price of Bitcoin would, once again, start to go up. As with his first call, the prediction came true.
Unlike other financial gurus who are incredibly bearish on Bitcoin and other cryptos, Lee is quite bullish. He believes that prices will ultimately soar above what we currently know, eventually reaching $25,000 by the end of 2018. In fact, he has previously stated that a $100,000 Bitcoin is not impossible, and who could say otherwise?