Fundstrat analyst Tom Lee lowered its forecast of the price of bitcoin for this year from $ 25,000 to $ 22,000, he said in an interview with CNBC.
The co-founder and managing partner of Fundstrat believes that the price of bitcoin should be twice as high as the cost of its production. At present, this figure is $ 9,100. According to Lee, doubling this cost, including other variables, will provide a price of $ 22,000 by the end of 2018.
Referring to the bitcoin misery index (BMI) presented earlier this year, Tom Lee stated that the cryptocurrency has already reached the bottom. According to him, the current value of the BMI index is less than 30, which equates to a bullish signal.
According to Lee, one of the reasons why the bitcoin price is still below the record high is in regulatory uncertainty. He also suggested that bitcoin could suffer from the launch of futures.
Lee noted that bearish sentiment this year was more serious than in 2014. Four years ago it took about 300 days for the price of the largest cryptocurrency to fall by more than 70%. This year, a similar drop occurred within 200 days.
For the first time, Tom Lee predicted that bitcoin would reach $ 25,000 by the end of the year at the beginning of April. He also did not change his forecast after the Consensus conference, when the bitcoin rate collapsed, and the total market capitalization declined by 52 billion.
Tom Lee still insists on his bullish forecast, but only time will tell whether it will come true or not.