An analyst claiming to have spotted the pattern in bitcoin’s market very unpredictable market says that the price of the digital currency is likely to double within six months and regain the astonishing heights it was soaring towards before the recent price plunge.
As it is for regular stock exchanges, if you can accurately predict the cryptocurrency price changes you stand to become extremely wealthy, profiting by purchasing the cryptocurrencies when the prices are low and then selling them once the prices peak. However, this is an ideal scenario – in reality, all cryptocurrencies are very volatile which makes foolproof predictions impossible.
Regardless, Fundstrat Global Advisors managing partner, Thomas Lee see is anticipating a new record peak for bitcoin come July. Lee’s prediction is based on the analysis of the decentralized digital currency’s twenty-two price corrections since 2010.
Last year, bitcoin’s price surged by more than 1,300 percent last year which saw it soar to a record peak of just a little less than $20,000 on December 2017 before it plunged back 70 percent.
According to Lee, “Bitcoin recoveries take 1.7 times the duration of the decline and this implies that 85 days are needed to recover prior highs. This is July 2018.”
A Look at the Current Statistics
Yesterday (Thursday, 15th, 2018), bitcoin rose as high as $10,234 which represents a near 7 percent rise up from the previous day as recorded by Luxembourg-based Bitstamp. On Coindesk, bitcoin price is varying at somewhere just a little under $10,000.
Coinmarketcap.com reports that other digital currencies have also been showing an upward trend in the past few weeks as well. Ethereum, which is the second largest cryptocurrency by market value went up by about 2.5 percent from yesterday and it now sits at $933.24. Ripple, which comes in third in terms of market value, gained 5.5 percent to clock a $1.15 price.