Tom Lee (Co-founder and strategist of Fundstrat) made a forecast that the price of Bitcoin will reach to a mark of $91,000 by the month of March in 2020. As per his prediction, the chart shows the Bitcoin performances post the past dips in the market, reported on 17th March 2018 by Forbes.
Fundstrat and Lee used the average percentage of gain in the price post every dip in order to reach 2020.
The Forbes records that as the graphic chart is built on logarithm scale, it opposed the liner-based graph, the lows and highs of Bitcoin (BTC) are not shown properly.
When the price of Bitcoin was less than $3000, since then Lee is making the predictions. In July 2017, he already made a prediction that Bitcoin will reach $55,000 by the year 2022. Recently, in the month of January, he said Bitcoin (BTC) will reach to a mark of $25,000 by December 2018 in CNBC’s interview. Previously, he made a forecast that Bitcoin (BTC) will reach to this mark by the year 2022.
The prediction of Lee come post a highly volatile week in the market when Bitcoin (BTC) price was below then $10,000. Post some days of December crash, Bitcoin set a milestone of $20,000 after a few days in the same month.
Additionally, recently Fundstrat and Lee released ‘Bitcoin Misery Index’. This index is designed as an investors’ trading tool in order to benefit of volatility in Bitcoin (BTC) exchanges. It is measured or calculated on 0-100 scale, considering various factors like volatility and overall winning trades. Whenever there is a low indicator, it is the best time to purchase Bitcoin, and vice versa.
In the beginning of March, ‘contrarian index’ is the one that helps investors to know how ‘miserable’ Bitcoin holders are seeing the present price of Bitcoin.