Bitcoin is currently undervalued, it should be $14,800 according to analyst Tom Lee
Cryptocurrency bull and former Wall Street Analyst, Tom Lee, says that the current price of Bitcoin is way too less compared to technical indicators. According to Tom Lee, based on the current indicators, the fair price of Bitcoin should be around $14,800.
Tom Lee is the founder of Fundstat. Tom Lee says, that he has come to this conclusion by looking at current active indicators such as a number of active wallets, daily usage per account and factors influencing supply.
“In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”
Tom Lee also stated that mass adoption of Bitcoins will drive the price of cryptocurrencies forward. According to him, if BTC wallet account hits even 7% of total Visa accounts, BTC’s fair value could reach up to $150,000.
Lee also makes a new prediction that in 10 years one Bitcoin (BTC) could be worth $10 million.
Tom Lee is known for strong and absurd predictions regarding cryptocurrencies. In May 2018, Tom Lee predicted the price of Bitcoin to be around $25,000. Quite the contrary has happened, as Bitcoin slumps to a year low.
The truth is no one can predict the price of Bitcoin or any other alt-coin for that matter. Making a prediction is easy, but what’s the merit behind prediction that is hard to explain. Always remember do you own research (DYOR) before investing.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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