Fundstrat Global Advisor Tom Lee, one of the biggest bitcoin and crypto supporters, is in our bitcoin news today for refusing to make a new end-of-year prediction for Bitcoin since he claims to be ‘’tired of people asking for target prices’’.
Tom Lee has already done hundreds of price predictions that haven’t really come true, unfortunately. The price of Bitcoin hit another yearly low after it broke the support level of $6,000 and Lee is saying that the major cryptocurrency is extremely undervalued.
He has made extremely bold predictions in the past even claiming that BTC could reach up to $25,000 by the end of 2018. Not only did this prediction not come true, but he also managed to miss the target by a stunning 85 percent this of course, if Bitcoin pulls a last-minute sharp recovery.
Given the current situation on the market, sharp turns as these are highly impossible which can be a reason why Lee refuses to make a new prediction.
His most accurate and fair value is somewhere between $13,700 and $14,900 which makes Bitcoin undervalued by more than $10,000. This analysis is based on the current number of active wallet addresses and the number of transactions done each month.
As for why BTC is extremely undervalued, Lee believes that is a combination of multiple factors such as fear of a potential economic collapse, a massive sell-off of the assets and the normal market cycle.
There is also one major factor that could influence the price fluctuations in almost all cryptocurrencies and that would be the war between the Bitcoin Cash camps.
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