According to Tom Lee (co-founder and head of research at Fundstrat Global Advisors), the price of Bitcoin will hit $91,000 by March 2020. This prediction by Lee was based on a chart that shows the performance of Bitcoin after the slumps that it has seen in the past. Even though there’ve been many bitcoin future predictions since its creation, but Tom Lee’s prediction holds an important place in the crypto-world.
Can this prediction affect Bitcoin’s users?
No doubt, this prediction is going to excite many investors, and especially those who bought this top-cryptocurrency when it had the worth of $20,000. The whole nation is under the influence of Bitcoin future predictions. A lot of risky things have been done by the people to jump on the Bitcoin bandwagon but unfortunately, this enthusiasm will not lose out on the cryptocurrency market as it has trapped investors in scams as well.
Not so long, a report said that Twitter was about to ban bitcoin advertisements after several credulous victims were caught in the recent scam. On the other hand, the same thing was done by some other websites, as they also announced a ban on Bitcoin and ICO advertisements.
Following are the websites that are considering a ICO ads and Bitcoin.
How did Tom Lee predict Bitcoin’s price?
To predict the 2020 price of Bitcoin, Lee used an average of the percentage. The chart is based on a logarithmic scale and just because of its basis, as it’s divergent to the traditional linear-based graph, the ups and downs in the price of Bitcoin are not that dissimilar. The price of Bitcoin once fell to $3000 and since then, Lee has been predicting high-prices for this top-cryptocurrency.
Lee stated in July 2017 that the price of Bitcoin would hit the worth of $55,000 by 2022, and in January 2018, Lee said that by the end of this year, the price of Bitcoin would hit the value $25,000.
This year, at the beginning of March, Lee released “Bitcoin Misery Index”, which is defined as a “contrarian index’ and allows investors to understand how depressed Bitcoin holders are at the current price of Bitcoin right now.