Contrary to popular reviews, popular cryptocurrency Ethereum (ETH) is about to see its value shoot up by more than 700 percent according to Fundstrat head of research Tom Lee. This was reported by Bloomberg earlier on Thursday, 27 September 2018.
Tom Lee, no stranger to bold claims, has predicted the second most valuable altcoin to see a period of “trend reversal” and to “rally strongly” up to $1,900 per token come the end of next year, 2019.
Lee subsequently gave the basis of his prediction in his note to the firm’s client. In his note, he cited the growing “negative sentiments” over the Ethereum market as a future determinant factor in changing the tune in contrast to expectations. He sees Ethereum pulling off a strong rebound soon.
A Logical Prediction
His prediction, Lee points out, is not illogical; given the peculiar history of Ethereum’s performance in certain times where it underperformed, only to see a sudden reverse in the declining price trend.
Lee’s prediction of $1900 could be hard to envisage since the all-time high of the Ethereum altcoin, which was recorded in early January of this year, is even 40 percent lesser than the predicted value. Sitting at a modest price of $233 (as of the time of report), the predicted value is 794 percent larger than the present value. No prediction could get any more bullish than that.
Lee has already made a similar prediction earlier this year too, as the researcher and advisor took a harsher stance on major crypto Bitcoin (BTC). Bitcoin’s explosive increase is closer than the Ethereum as Lee believes the cryptocurrency is bound to surge up into heights above $22,000 before the end of the year, as he cited the correlation between BTC and emerging markets.
If anything, the negative trend surrounding the major altcoins are about to fizzle out soon, and a stronger comeback should be expected by the turn of the year.