Tom Lee, Wall Street Strategist at Fundstrat, has recently urged his clients to jump back onto the Bitcoin Bull and ride it to a predicted $11,500 by the middle of next year. This comes after turning back from their short-term neutral approach this week.
As the ‘year of Bitcoin’ comes to a close, with no signs of stopping, many are making their predictions for next year with the likes of Ronnie Moas changing his theory twice in November already.
Even Max Keiser has set some long-term goals for Bitcoin, stating that there is every chance that it could reach $100,000.
‘Cleaned up the weak hands’
There have been a number of developments in recent weeks that have all added to the growth and reputation of Bitcoin. Its ability to bounce back from the dumped SegWit2x dump; the decision by CME to allow futures on Bitcoin, and Square Cash testing out Bitcoin as a payment system.
All of these factors have seen Bitcoin climb up as high as $8,200, and more growth is seemingly, constantly on its way.
“A few weeks ago, we turned short-term neutral on Bitcoin as the price level then (~$7,400) exceeded our estimate of fair value,” Lee wrote in a report.
“Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels.”
Prior to this change in mind, Tom Lee had predicted that Bitcoin’s price in the middle of 2018 would be $6,000. Of course, that target was smashed not very long after he made that prediction in August.
Lee’s Prediction is still seemingly a little small, despite it indicating a 40 percent growth over seven months.
Other’s like Moas, have said that at the turn of the new year, 2018, Bitcoin will be at $14,000. However, it must be remembered that when Moas makes his prediction, he lumps Bitcoin Cash, Bitcoin Gold, and the original coin together as one price.
Moas did, however, change his prediction recently too, stating that he saw $11,000 for the new year at the beginning of January, but the recent positives have made him change his mind.
While other’s out there are still waiting for a bubble, or for the Bitcoin house of card to come tumbling down, there are analysts who are making long-term predictions.
“Bitcoin will dominate and lead crypto going forward. Hundreds of obituaries have been written about Bitcoin and none of them have come true and none will. Fact is, Bitcoin is a gift from God to help humanity sort out the mess it has made with its money,” Keiser explains.