Tom Lee: the fair price of bitcoin is around $ 14,000

Tom Lee, co-founder and managing partner of Fundstrat Global Advisors, made another statement regarding the price of Bitcoin. This time, he believes that the fair price of cryptocurrency should be at around $ 14,000.

Speaking in the Squawk Box program on CNBC , Tom Lee in particular said:

“The year 2018 and the beginning of this year was difficult for Bitcoin, but now it has gradually begun to grow. According to our data, this is due to a number of positive points [in the industry]. A large number of old Bitcoin whale wallets have become active again, there is a slow but steady accumulation, ”he said in an interview on CNBC.

"There's a lot of dry powder" among #bitcoin investors. @fundstrat @andrewrsorkin . pic.twitter.com/wg3c7BMli0

– Squawk Box (@SquawkCNBC) April 4, 2019

Under the “old wallets”, explained the managing partner of the Fundstrat, he is referring to the early Bitcoin holders, some of whom got rid of cryptocurrency in December 2017 on price peaks. Now, according to the analyst, they are buying cryptocurrency again, which indicates a change in market sentiment.

As BlockchainJournal wrote, the number of active Bitcoin wallets has noticeably increased over the past two weeks.

In general, Tom Lee believes, at the moment bitcoin is being traded significantly lower than its real value, which, according to him, should be around $ 14,000. In particular, he noted, extraction of one bitcoin is now on average worth about $ 4,000- $ 5,000, however, in the period of a growing cryptocurrency market, it should be sold 2.5 times more expensive than the cost of mining, which also leads to the figure of $ 14,000 indicated by it.

Recall that in February the company Fundstrat Global Advisors presented a new forecast , according to which in 2019 Bitcoin is waiting for a new price increase. First of all, analysts believe that the price of the first cryptocurrency will be positively affected by the weakening of the US dollar and more confident stock market results in emerging market countries. They also expect an increase in the activity of institutional investors in the field of cryptocurrencies, primarily in sectors such as custodial products and over-the-counter trading.

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