Bitcoin Hovers around US$3300: The Crypto Bull Said he’s Tired of Forecasting

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The year will end in two weeks while the Bitcoin as of today has plunged about 78% since the beginning of 2018.

In late November when Bitcoin was above US$4000, the prominent Wall Street crypto bull Tom Lee, managing partner and head of research at Fundstrat Glboal Advisors reiterated his year-end price prediction for Bitcoin at US$15,000 during an interview with CNBC.

While the cryotcurrency continued its nosedive after the interview, going farther away from Lee's optimistic prediction, the crypto bull said recently in a note to clients: "Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”

His previous reasons for optimism included expected improvement in regulations and banks seeing lucrative business opportunities in the cryptocurrency space.

Bitcoin topped US$10,000 in November 2017 and reached nearly US$20,000 a week before last year’s Christmas. The rally had some investors put their estimate at US$50,000 and above in 2018.

Contrary to Lee’s optimistic prediction, Michael Moro, trading chief of Trading & Genesis Capital Trading was quoted by a CNBC report in late November as saying that Bitcoin “won’t find the floor until it hits the 3K-flat level”.

 

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