Tom Lee, managing partner at Fundstrat Global, said that the annual cryptocurrency conference – that will take place the next week – could see Bitcoin price reach new all time highs. The Consensus conference will start on May the 14th and is expected to gather over 7,000 blockchain and virtual currency experts.
Bitcoin Could Test its All Time High
All the bitcoin price predictions that we have heard during the last times predict an important bitcoin price surge for the next years or months. But Tom Lee, co funder of Fundstrat Global, explained that bitcoin could increase between 10% and 70% after the Consensus conference.
Thomas Lee wrote:
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”
CRYPTO: #Consensus2018, organized by @Coindesk, impact on crypto market will be much larger in 2018, given the sheer increase in expected attendance. 2017 was +1,250 additional attendees but 2018 should see +4,250 additional. 3x the impact… next week an interesting week pic.twitter.com/J9z4o1COil
— Thomas Lee (@fundstrat) May 8, 2018
Compared to the last year the number of participants in the Consensus Conference, organized by ConiDesk, will be up three times. And compared with two years ago, the number of participants will have increased more than four times.
As Lee mentions, the last Consensus rallies registered gains between 10% and 70%. If Bitcoin increases 70% we could see a rally that would be testing the latest all time high registered in December 2017 when Bitcoin reached $20,000 dollars. But according to Mr. Lee, the increase this year could be even bigger because of two factors:
- A bigger audience (3 times bigger)
- Cryptos and Bitcoin are down YTD
Of course, Mr. Thomas Lee did not explain which is the relation between the Consensus Conference and the increase in Bitcoin’s price, but coming from a respected investor like him the analysis are welcomed.
At the same time, the Bitcoin market is down since the beginning of the year and we could soon start to experience a recovery – something that seems to be taking place since April. If his predictions are accurate, Bitcoin could come back to previous price levels.