Wall Street analyst and co-founder of Fundstrat Global Advisors Tom Lee is still optimistic about long-term growth prospects for bitcoin and is confident that by the end of 2018 the first crypto currency will reach $ 25,000, CCN reports.
“As before, we are confident that bitkoyn has an excellent” risk-profit “ratio, and we believe that by the end of the year it will be able to reach $ 25,000,” Lee said.
Currently, bitcoin is trading around $ 8,100. This means that to achieve a forecast of 25,000 dollars, which is 25% higher than the December highs, digital gold should grow three times more.
Nevertheless, the head of Fundstrat considers this target mark quite achievable. According to him, the recent rapid decline in prices for bitcoins is behind us, and now the crypto currency is in an “incredible oversold”
Low values of bitcoin prices in late March and early April are associated with the approach of the last date of submission of tax returns by American investors. According to his calculations, American traders owed the state about $ 25 billion in taxes from the income they received as a result of operations with crypto-currencies. Many traders, Lee notes, over the past few weeks have got rid of some of their bitcoin assets in order to minimize the capital gains tax.