Tom Lee revises his prediction on bitcoin

Bitcoin bull Tom Lee, the co-founder of Fundstrat Global Advisors, changed his predictions concerning bitcoin price. Recently, he changed his prediction to $22,000 from his previous $25,000 forecast for bitcoin by year’s end. According to Lee, the price must be two times higher than the cost of its mining, and this is to become not less than $ 9,000 by December 2018. Lee initially stated that right now the mining cost is about $7,000 and rising.

As it seems, the analyst is still optimistic on bitcoin. In his opinion, the first cryptocurrency has reached the bottom line, and he sees clear bullish signals on the market.

Tom Lee also stated that the price is still at its minimums due to the uncertainty in the legal field. He agreed with the opinion of famous Japanese economist Yukio Noguchi about the role of bitcoin futures, which affected the bitcoin price, making it fall.

Update:

In his recent interview to CNBC, Lee made it clear that he doesn't cancel his earlier prediction of the price level at $25,000. His idea is that investors should keep in mind the level above $20,000 because it would be about 200 percent higher than current levels around $6,500 this Friday.