The current Bitcoin price is not looking all that great After failing to hold onto the $10,000 support level, many people wonder what comes next. It seems some analysts are not too concerned as of right now. In fact, Fundstrat Global Advisors partner Thomas Lee is convinced all markets will see new record values later this year.
It is a bit unclear how the cryptocurrency markets will evolve this year. Although a yearly retrace is not abnormal, Bitcoin and Ethereum can’t catch a break whatsoever. Every time the going gets good, the market effectively retraces pretty quickly. This latest dip has removed over $80m from the total cryptocurrency market cap in just a few days. Thomas Lee, managing partner at Fundstrat Global Advisors, is not too concerned about this trend.
Thomas Lee has High Bitcoin Expectations
More specifically, Lee predicts record-highs for all top cryptocurrencies in July. Bitcoin will be among the first to achieve this goal, in his opinion. It is evident there is a lot of upward momentum left for all cryptocurrencies to be explored. Whether or not this means Thomas Lee has made an accurate prediction, is a different matter altogether. Volatile markets hardly ever evolve in a logical direction.
According to Thomas Lee, it will take 85 days for the Bitcoin price to recover. As such, that would mean big things will happen in May and June. Reaching a new all-time high can take a while, though. July seems to be a fair target for a new record Bitcoin price. Whether or not surpassing $19,000 is feasible throughout 2018, remains to be determined.
Other currencies will also appreciate in value, according to Thomas Lee. Ethereum has seen a big decline too, although it holds its own with relative ease. For now, the best strategy appears to hold and wait. Most traders do not have that degree of patience, though. Everyone wants quick profits, regardless of which coin they are holding. That is not achievable where big cryptocurrencies are concerned. We can only hope July 2018 will prove to be a good time for Bitcoin and altcoins.
Header image courtesy of Shutterstock