There are new reports that bitcoin is about to hit the $11,000 mark. According to Rob Sluymer – an analyst with Fundstrat – the currency is on the verge of adding nearly $2,000 to its growing price.
Fundstrat Is At It Again
Fundstrat is no stranger to wily bitcoin price predictions. The analysis firm boasts the presence of Tom Lee, a leading individual with the organization that has made a real name for himself over the past two years predicting that bitcoin will move up in spades – and usually at very strange or inopportune times.
2018, for example, was a year in which BTC was struggling greatly. The currency fell to record lows following a hard fork of bitcoin cash that resulted in a new currency known as bitcoin SV (BSV). From there, the entire industry fell to its knees, with entities like bitcoin – which had spent much of the year trading at the mid-$6,000 range – dropped to $3,500. Other currencies, such as Ethereum (ETH) and EOS (EOS) lost more than 90 percent of their overall values.
However, Lee was still there to predict that currencies like bitcoin would end the year at record highs. Despite the lack of evidence, despite the notion that bitcoin had everything going against it, Lee was there stating that it would end the year first at $25,000, then $20,000 and finally $15,000. Lee ultimately had to make “sacrifices” in his predictions and bring his numbers down when things didn’t change much for the world’s leading cryptocurrency.
Nevertheless, BTC did not end the year at any of those figures. In fact, the currency ended 2018 on one of its lowest notes ever. Lee eventually had to compensate by saying he and Fundstrat in general would no longer be making predictions regarding where bitcoin might end up in the future. Instead, he and his firm would focus their time and energy on trends that could potentially affect the behavior of the world’s top digital asset.
It doesn’t look like Lee or Fundstrat has worked hard to keep that promise, with Lee stating in 2019 that the currency was likely to end that year at a whopping $40,000. This also didn’t happen, with the currency instead saying “hello” to 2020 at a price of about $7,200.
While this was small beans compared to what Lee was predicting, it was a solid jump for bitcoin, which ultimately doubled where it was at the end of 2018, so while Lee’s words didn’t hold much weight with the crypto community, it was good to see bitcoin trying to pull itself out of the doldrums.
The Currency Is On a Solid Plane
Sluymer believes the second quarter of 2020 will be huge for BTC, stating:
Bitcoin appears to be in a textbook re-acceleration.
At press time, the currency is trading for nearly $9,800.