Tuesday, August 20, 2019

Tom Lee Reveals In A Recent Email That He Wasn’t Going To Predict Crypto Prices Anymore

Looking at the current fog of the prolonged bearish cryptocurrency market and how it has affected everyone in the industry alike, even Bitcoin forecasters have not been spared.

Tom Lee, Wall Street’s biggest forecaster who is also the co-founder of Fundstrat Global Advisors in his latest report frankly, gave up on Bitcoin in an email saying that;

We are tired of people asking us about target prices, because of the inherent volatility in crypto, we will cease to provide any timeframes for the realization of fair value.”

Putting it in clear terms, the prominent forecaster has lost hope in Bitcoin forecasting, and the reasons for this are not far fetched.

A look at Lee’s research notes indicates he started this year with a mid-year price target of $20,000 and a year-end projection of $25,000.

At the period he cut the target to $15,000 in November, Bitcoin was being sold for around $5,500. Since then its value Slid down to about $4000, which is down to more than 70 percent for the year.

A List of Bitcoin Predictions for the Year

Lee is not the only one failing to cut with his predictions. Leading prognosticators from BitMEX’S Arthur Hayes to Galaxy Digital’s Mike Novogratz were far too bullish this year.

Arthur Hayes of BitMEX raised attention with his $50,000 prediction back in May and at present admits that the market could get worse even before it picks and gets better.

Hayes said;

I was bullish and i picked a nice round number with psychological significance. With the benefit of hindsight, we are obviously in a bear market.”

The crypto magnate says he is waiting to see how Bitcoin would perform in the first few weeks of January before officially issuing a 2019 prediction.

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Mike Novogratz, however, told CNBC back in November 2017 that Bitcoin could “easily” hit $40,000 by the end of 2018. As at October this year, he was calling for a mark of $9,000. Since then he has pushed his expectation further the more.

Another forecast from Kay Van-Petersen a global macro strategist from the Saxo Capital Markets gained an audience in the crypto community after he accurately forecasted Bitcoin would slide down to $2,000 last year. He predicted a $100,000 for Bitcoin based on expectations that the introduction of regulated futures would attract institutional investors.

Benjamin Quinlan from Quinlan and Associates, started with the right direction this year, even though his year-end forecast is perceived as too pessimistic. The crypto forecaster in an interview on December 17, believes Bitcoin price will drop to $1000 mid next year, before hitting $810 in 2020.

Nouriel Roubini is by far the most cynical on this list because of his bearish sentiments this year. Roubini labeled the 2017 rally in cryptocurrencies “the mother of all bubbles” and bashed blockchain as a “glorified spread sheet,” in October

He attacked further saying;

Blockchain is the most over-hyped — and least useful — technology in human history, no asset class in human history has ever experienced such a rapid boom and total utter bust and implosion.”

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