Bitcoin predictions: Bitcoin's price will continue to grow and might reach new high by July
The fact that bitcoin's price is expected to grow in 2018 is nothing new. Actually, many analysts have claimed that most likely the price of the digital currency will reach $50,000 by the end of the year. Naturally, it remains to be seen if all this will be confirmed.
Tom Lee claims bitcoin will reach record highs in July 2018
According to Tom Lee, bitcoin's price will increase until reaching a new high in July this year. The Fundstrat Global Advisors LLC managing partner and head of research seems to be sure that the digital currency will be able to make a comeback by the middle of the year.
An important thing to mention in this context is that this time, the prediction made by Lee seems to be backed by data. The head of research has analyzed all the prior occasions in which the price of bitcoin suffered a significant drop. This has happened on 22 occasions and the price of bitcoin dropped by more than 20% each time.
According to Lee, the period of recovery for the price of the cryptocurrency takes 1.7 times the duration of a drop. This is actually how Lee reached the July prediction. He claimed that the digital currency could achieve a full recovery in 85 days, which is of course close to the July period.
Of course, investors and supports of bitcoin expect this prediction to end up being true, but of course they will have to wait until July to see if this will really happen.