Tom Lee believes BTC will hit new highs in mid-July this year
According to Lee, this movement follows a pattern: Bitcoin's bottoms behave "like a V".
Based on an analysis of 22 corrections of 20% or more lived by the cryptomaniac since 2010, Lee concluded that Bitcoin generally takes about 1.7 times the duration of the decline to recover again. This metric therefore indicates that it will take about 85 days for Bitcoin to fully recover its last fall, which lasted 50 days. This means that the cryptomoeda is expected to surpass a new price record by mid-July 2018.
Lee said he saw the optimism surrounding Bitcoin rise in recent weeks, signaling that crypto-currency investors still believe in technology. "This recent decline of 70% is serious," he wrote. "We can see in it an important case of Bitcoin's resilience, given the greatness of recent decline."
Based on an analysis of 22 corrections of 20% or more lived by the cryptomaniac since 2010, Lee concluded that Bitcoin generally takes about 1.7 times the duration of the decline to recover again. This metric therefore indicates that it will take about 85 days for Bitcoin to fully recover its last fall, which lasted 50 days. This means that the cryptomoeda is expected to surpass a new price record by mid-July 2018.
Lee said he saw the optimism surrounding Bitcoin rise in recent weeks, signaling that crypto-currency investors still believe in technology. "This recent decline of 70% is serious," he wrote. "We can see in it an important case of Bitcoin's resilience, given the greatness of recent decline."
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