Tom Lee, managing partner and head of research at Fundstrat Global Advisors LLC, found that Bitcoin's decline is V-shaped and predicts a global increase in the cryptocurrency rate by July of this year
The expert analyzed 22 cases of Bitcoin price falling by twenty percent and found that the recovery period was approximately 1.7 times longer than the previous decline.
It follows from this that Bitcoin needs 85 days to recover from the last 50-day fall. This means that a new record price for Bitcoin should be expected in mid-summer.
Venture investor Tip Draper also predicts a positive future for the cryptocurrency. He believes that the share of cryptocurrency in the global foreign exchange market will be $86 trillion.
Moreover, the investor is not going to sell the accumulated cryptocurrency capital. In 2014, Draper bought 32 thousand BTC, which the US government confiscated from the creators of Silk Road at an auction. At that time, the cost of this acquisition was about $18 million, now it is $320 million.
Draper comments on his decision by saying that, unlike banks, the blockchain is not hacked, and his Bitcoin capital is safe.
Recall that the price of Bitcoin is growing and this morning reached $10,000.
Such a price jump was caused by a large purchase of Bitcoin from the address of a buyer who wished to remain anonymous. The total amount the buyer paid for the Bitcoin is $44 million. The mysterious Bitcoin address is now one of the top three richest Bitcoin addresses in the world.
You May Also Like
Bitmain closes Israeli R&D department
Bitmaintech Israel's Ra'anana research and development center is closing due to the general downturn in cryptocurrency markets, according to a report from financial publication Globes.
Tezos launched beta network
The Tezos Foundation officially announced the launch of an experimental version of the Tezos platform on its website. The main launch of the network is planned for the third quarter of this year.
