Fundstrat’s founder, Tom Lee, has predicted that Bitcoin’s price will reach $91,000 by March 2020, basing his prediction on a chart that shows Bitcoin’s performances after past market dips, Forbes reported yesterday.
The publication’s piece notes that, because the chart is based on a logarithmic scale as opposed to the traditional linear-based graph, bitcoin’s highs and lows are not as distinct.
Lee has been predicting high prices for Bitcoin since its price was below $3,000. For example, in July 2017 Lee had already stated that Bitcoin would hit $55,000 by 2022. More recently, in January of this year, Lee said that Bitcoin would reach $25,000 by the end of 2018.
Lee and Fundstrat recently released the “Bitcoin Misery Index” in early March, which is described as a “contrarian index’ that lets investors know how “miserable” Bitcoin holders are at the current price.Buy Bitcoin now