Tom Lee sees Bitcoin price at $91,000 by March 2020
|- Fundstrat's CEO sees Bitcoin plunge as a buying opportunity.
- Bitcoin Misery Index dips to the second lowers level in 8 years.
When it comes to Bitcoin, a famous crypto proponent Tom Lee from Fundstrat Global Advisor sticks to bullish predictions. In July 2017 he already stated that the major cryptocurrency would rise to $55,000 by 2022. Now he believes that it can hit $91,000 by March 2020, ignoring bearish factors that sent Bitcoin and other digital assets to the lowest levels since early February.
To Lee bases his predictions on a vast database of numerous parameters, including historical quotes, cost of mining, short-term and long-term price trends.
The Bitcoin Misery Index, introduced by Fundstrat a week ago, dropped to the second lowest level of the past eight years, which implies that the price is going to recover: the lower the index is, the better the outlook for Bitcoin.
The research, carried out by Lee and his colleagues, demonstrates that Bitcoin price grew significantly each time after the decline of 70% or more. Currently, it is more than 50% lower from its peak reached in December 2017.
Bitcoin is currently trading at $8,200 with neutral short-term bias. Ethereum is at $546.00 with the downside bias. Ripple is climbing towards $0.6700.
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