Wall Street’s most recognized crypto-bull has reduced the Bitcoin price target by almost half.
Thomas Lee, co-founder of Fundstrat Global Advisors, reduced the year-end target from $ 25,000 to $ 15,000.
In making these predictions, Lee takes Bitcoin’s break-even point, which is the level at which mining costs match the price. Fundstrat’s data science team had previously set $ 8,000 for Bitmain’s S9 machines at $ 8,000, but later on $ 7,000. Based on this, Lee estimates that the real value of Bitcoin will be about 2.2 times the $ 7,000 break-even point.
According to the data obtained from Binance , Bitcoin is bought and sold for $ 5,600. Most of the major crypto-currencies saw double-digit declines this week and Bitcoin fell to the lowest level of the year.
But Lee still believes that the market will improve. On Friday, he said to his customers, derinlik Even in the depths of the previous month market between 2013 and 2015, it did not act with any extension under the breakeven point.
Lee, former chief stock strategist of JPMorgan, said, ın The fact that Bitcoin fell below a psychologically significant level of $ 6,000 led to a new wave of pessimism. However, we believe that negative oscillation in emotion is much worse than fundamental inference.
Lee went on to say that most of these price movements were driven by Cash crypto-specific inin events, including Bitcoin Cash.
Despite all this, Lee foresees a further increase in corporate participation, with prices increasing at the end of this year. Wall Street analyst ICE, Starbucks and Microsoft-supported Bakkt and Fidelity’s entry into the market is part of creating a larger infrastructure required for institutional participation was passed.