Fundstrat’s Tom Lee Sharply Downgrades Bitcoin (BTC) Year-End Price Prediction
Cryptovest
Published Nov 19, 2018 04:43AM ET
Updated Nov 19, 2018 06:01AM ET
Fundstrat’s Tom Lee Sharply Downgrades Bitcoin (BTC) Year-End Price Prediction
Tom Lee, co-founder and research chief of Fundstrat Global Advisors, has trimmed his year-end Bitcoin (BTC) price prediction, CNBC reported on Friday. The prominent crypto analyst, who until recently believed the original cryptocurrency would finish the year at $25,000, now expects the coin to be trading at $15,000 by December 31.
The key catalyst for Lee’s revised BTC price target is the falling “break-even point,” or the level where mining costs match the trading value. For Bitmain’s flagship S9 Antminer machines, this point is currently $7,000, down from an earlier estimate of $8,000, according to Fundstrat data. Lee estimates that Bitcoin’s fair value would be roughly 2.2 times the current break-even price, or just...
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