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Former chief analyst of JPMorgan predicts the growth of Bitcoin by 40% by mid-2018
Financial analyst and founder of Fundstrat, as well as former chief strategy strategist JPMorgan Chase, Tom Lee predicts the growth of Bitcoin by 40%. In his opinion, the price will reach $ 11 500 by the middle of 2018. "For several weeks our forecast was neutral, since the price of Bitcoin at that time (about $ 7,400) exceeded our estimates. Two weeks ago, Bitcoin fell to $ 5 600 and rebounded, setting a new high. This drop to $ 5 600 cleared the market from investors who quickly got rid of the crypto currency, and we do not see the need to be cautious ... We recommend buying Bitcoins at current levels. "
Another parameter, which in Lee's opinion affects the price increase, is the increasing base of Bitcoin holders. Previously, Lee said that in the future the price of Bitcoin would be at least $ 25,000. Lee's forecasts are based on the Metcalf law, according to which the utility of the network is proportional to the square of the number of users of this network. If you multiply the number of users by the cost of the transaction, you can get the cost of Bitcoin. This law explains 94% of all movements of Bitcoin over the past four years.
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