Blockchain Week New York could see the price of bitcoin soaring to new levels, according to one cryptocurrency analyst at Fundstrat Global Advisors.
Speaking on CNBC’s ‘Fast Money,’ Robert Sluymer, managing director and technical strategist at Fundstrat Global Advisors, said:
The regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery.
At the end of 2017, the price of bitcoin saw its value rise to unprecedented heights of nearly $20,000. However, the first three months of 2018 have proven to be the worst first quarter for the cryptocurrency when it fell to $6,200 in February. Since then, though, bitcoin’s price has rallied and has risen.
At the time of publishing it is trading at $8,579, according to CoinMarketCap. This is a slight drop from its more than $9,000 value in recent days, but Sluymer is of the opinion that bitcoin ‘continues higher from here.’ He also thinks that the Blockchain Week New York will bring a positive rally for the digital currency’s value.
Tom Lee, co-founder of Fundstrat, has also given a bullish projection on the price of bitcoin during the Consensus conference, which takes place between the 14th and 17th May. Earlier this week, MarketWatch reported that Lee said the cryptocurrency could increase by as much as 70 percent as a result of Consensus.
Lee said of the event:
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.
According to Lee, previous rallies from Consensus have seen price gains between 10 percent and 70 percent. As the report states, this means that bitcoin could see a price surge of more than $15,000.
Even though Sluymer said that the cryptocurrency’s price bottom may now be behind for the industry, it remains to be seen what impact, if any, the conferences will have on the price of the number one digital currency. Yesterday, a report from Fundstrat suggested that the price of bitcoin could rise to as high as $64,000 by 2019.
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