The Bitcoin Bulls are Charging

The Bitcoin Bulls are Charging

The Bitcoin Bulls are Charging


Just 2 day after hedge fund manager Mike Novogratz said Bitcoin, the biggest cryptocurrency, will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 — a 40% gainer from current levels.

Mr. Lee, who heads research at Fundstrat, said a 10% pullback earlier this month triggered by the controversial cancellation of an upgrade to Bitcoin’s underlying software has set the stage for the coming surge.

In a Note to clients Wednesday he said “The November slump cleaned up weak hands,” that almost 2X’d his prior forecast. The strategist had warned earlier in the month that Bitcoin’s rally to $7,000 from $3,500 raised the likelihood for a short-term pullback. “We no longer feel caution is warranted,” he said.

Bitcoin is currently trading $8,179.9951 as of 02.28p in New York, just short of its all-time high set Tuesday after Mr. Novogratz’s comments.

The most popular and largest cryptocurrency has surged more than 7X since December, surpassing $8,000 for the 1st time this week.

Along the way there have been 3 corrections of more than 25% all giving way to subsequent rallies on the year.

“We recommend steady buying of Bitcoin at these levels,” Mr. Lee said in the Wednesday report.

Fundstrat also boosted its price target for the Bitcoin Investment Trust, an OTC (over-the-counter) security that offers investors exposure to Bitcoin. Mr. Lee predicts it will trade at $1,300 by mid-2018, up from his earlier target of $800.

Happy Thanksgiving

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :