The Crypto markets have been in free-fall, but is there light at the end of the tunnel?
Tom Lee of Fundstrat Global Advisors seems to think there could be.
In a research report put out at the end of the week by Fundstrat, the charts indicate that Bitcoin could be hitting $91k within the next couple of years.
Within the next 3 years to be precise.
Here is the chart put out by Fundstrat:
The prediction is based on previous price action.
The chart is based on a logarithmic scale as opposed to the traditional linear-based graph, which helps smooth some of the price action out.
Based on previous recoveries after large drops, Bitcoin would be trading around $91k by the end of 2020.
Keep in mind that Tom Lee is not explicitly calling for that price, but that is what their charts point to.
He has, however, called for $20k by the end of June and $25k at some point by December.
Does the name Tom Lee sound familiar?
If you recall Tom Lee is also the one that put out the BMI (Bitcoin Misery Index) a few days back which said that now is the time to buy Bitcoin based on how "miserable" bitcoin investors are.
Bitcoin is hitting levels on that index not seen since 2011.
More about that can be seen here:
Stay informed my friends.
Follow me: @jrcornel