Fundstrat researchers, led by Tom Lee, say Bitcoin is all set up for a massive rally going into Consensus week. The Bitcoin price has dipped slightly to the $9,300 mark after nearly reaching the $10,000 mark. The cryptocurrency has been on a three-week high after struggling for the better part of 2018.
Historical Relationship Between Consensus and Bitcoin Price
The Fundstrat researchers are basing their prediction on the behavior of Bitcoin prices in the wake of previous Consensus conferences. In a note to clients of the firm, Lee stated that this year’s gathering would be larger than the one held last year. He also went on to say that whenever attendance at the conference increased significantly, Bitcoin prices rallied in the immediate aftermath.
In 2017, attendance at the conference doubled from the previous year. The value of Bitcoin increased by 69 percent during the meeting. In the two months after Consensus, Bitcoin was up by 138 percent. Lee is expecting this pattern to hold, believing that the results this year might even be more significant. For one thing, the 2018 Consensus conference is expected to gather twice as many participants as last year’s event. More than 2,750 people attended the summit in Manhattan in 2017.
The Consensus conference is an annual blockchain summit that features keynote addresses from leading experts in the industry. It is one of the most popular blockchain technology gatherings of the year. The 2018 edition takes place from May 14th to May 16th. The venue for the summit is the Hilton Midtown in New York. More than 250 experts will deliver lectures at the conference on diverse topics in the industry.
Regulatory Uncertainty Could Dampen Enthusiasm
Issues relating to regulatory uncertainty over the status of certain cryptocurrencies may dampen enthusiasm. As part of his note to clients, Lee stated the current talk of some cryptos being securities might cause a decline in demand for cryptocurrencies in general. He, however, expressed enthusiasm that this was an unlikely scenario.
Throughout the year so far, Lee has maintained a positive outlook on the cryptocurrency market. Even during the bear market that characterized the start of 2018, Lee was one of the few who expected Bitcoin to bounce back. He predicted that Bitcoin prices would reach $20,000 by the middle of the year and $25,000 by the end of the year.
Do you agree with Tom Lee’s prediction? Will history repeat itself and Bitcoin prices moon? Let us know in the comments below.
Images courtesy of Bitcoinist archives, Pixabay, and Shutterstock.
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