Tom Lee: The price of Bitcoin should be at around $14,000

Tom Lee, co-founder of the US research company Fundstrat Global Advisors, expressed the opinion that the price of Bitcoin should be at around $14,000.

Lee also said that the old Bitcoin whales returned to the market and began a mass buying up of the first cryptocurrency due to the changing mood in the industry. 

"Bitcoin had a rough 2018 and for much of 2019, it has been steadily climbing and from what we can gather, it is because there are a lot of positive things taking place. A lot of the old whale wallets are buying Bitcoin," 

he said in an interview on CNBC.

According to Lee, we are talking about large wallets whose owners got rid of Bitcoin at the peak of its course in mid-December 2017. In addition, the fact that they started new purchases of the first cryptocurrency indicates a change in market sentiment.

Managing partner Fundstrat believes that Bitcoin is now trading significantly lower than its real value, which should be at $ 14,000. It came to this figure based on the number of active wallets and users.

In addition, the extraction of one Bitcoin costs about $ 4,000- $ 5,000, and during a growing market, the asset must be sold 2.5 times more expensive than the cost of production, which also leads to a figure of $ 14,000.

Note that earlier Fundstrat analysts conducted a study, according to which 2019 should be much more positive for the cryptocurrency industry.