While some are waiting to see Bitcoin’s final demise, after showing movements revealing the popping of the bubble, Tom Lee who is a long-time crypto bull claims that the fall in BTC price is due to the irrational nature of the market.
Compared to predictions made earlier, which sees the currency dropping to $2500 with minimal support to recover the November losses, Tom Lee (Research head at Fundstrat Global Advisors) believes that Bitcoin’s value is much lower than it should.
On Thursday, he sent a published note to investors giving them some hopeful and surprising news for people who are yet to comprehend what really went wrong with the price of BTC all through the month of November, which is said to be the month where Bitcoin experienced its worst losses since August 2011.
Lee, who for long has been a Bitcoin bull and crypto advocate, says he feels the value of the maiden cryptocurrency should be around $13,800 to $14,800. His analysis also talked about the currency’s deflationary supply, the great number of wallet addresses that are active, and how frequent accounts make use of BTC, all indicating a greater value than its present value of $3400.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
While Lee has been heavily criticized by some for his predictions, he stays rest assured in the industry’s outlook as well as his own valuation. Lee also blamed the irrational market for the flaw in his prediction as well as the cause for the present state of the valuation of the cryptocurrency.
With Bitcoin having great potentials for growth and its adoption still on the rise despite the fall in prices, Lee believes a market turn could happen any moment.
Just like the case of the internet stocks crash that happened before the dissemination for both Main Street and Wall Street, cryptos could find themselves in the latency phase as users and investors wait patiently for a better development.