According to Bloomberg, Tomi Lee, founder of Fundsrat Global Advisors, and almost the only major Wall Street trader who works with crypto-currencies, expects the bitcoin price to reach new highs in July.
Lee, who urged with caution the sharp rise in the price of bitcoin in December, said that bitcoin has a “V-shaped” pattern. He believes that just bitcoin has experienced 22 such corrections since 2010.
Lee believes that the periods of correction and recovery take 1.7 times longer than the “bullish” periods. Based on this template, it takes 85 days to recover from the last price reduction, the duration of which is 50 days. If Lee’s analysis turns out to be correct, then the new record for bitcoins will be set by the middle of the summer.
According to Lee, the mood of investors for bitcoin has improved in recent weeks, and this indicates their optimism.
Li also said that the growth in the price of bitcoin was caused by the growth in the number of new investors, and that Fundsrat was buying bitcoin, during the price drop.
According to the fund’s forecasts, the number of unique users of bitcoin-purses will increase by 50% by the middle of 2018, while the activity of users will increase by 10% compared to the level of the end of December. Lee also confirmed his forecast that by 2022 the price of bitcoin will reach 22 thousand US dollars.
Lee, who was the main strategist for assets in J.P. Morgan Chase from 2007 to 2014, before founded Fundstrat, became the first widely known market strategist from Wall Street, who started working with bitcoin.