Bitcoin ATMs increase after months of downtrending
After four months of declining figures, the number of Bitcoin ATMs across the world increased significantly in May.
Tom Lee has previously forecasted that Bitcoin will see values north of the $25,000 USD mark by the end of 2018, and now the Fundstrat advisor has issued a new prediction which ushers in the belief that Bitcoin might well reach $91,000 USD by 2020.
In conversation with Forbes, Lee revealed that his 2020 prediction is underpinned by the average price gain after each sizeable market dip.
A graph provided to Fundstrat depicts Bitcoin’s four major declines since 2010, in which the cryptocurrency declined as much as 70% on each occasion. Notably, the chart reveals that each time Bitcoin suffered a major price correction, the cryptocurrency surged to reach new heights.
Lee’s chart leverages a logarithmic scale, which renders Bitcoin’s major price movements as far less pronounced than what one might see on a linear basis.
Lee’s latest prediction overrides previous claims, wherein the analyst claimed in June of 2017 that Bitcoin would touch values as high as $55,000 USD by 2022.
Lee has previously been a source of optimism in Bitcoin market, and recently quipped that Fundstrat “expect(s) bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level…We view this $9,000 as the biggest buying opportunity in 2018.”
While Bitcoin succeeded in touching new one-month lows, the cryptocurrency – at press time – trades at around the $8,500 USD mark in search of a new floor.
In a far more pessimistic view, Goldman Sachs’ technical analysis team issued a new Bitcoin price prediction – claiming that the world’s foremost cryptocurrency now risks falling below values as low as $5922 USD, which were last seen during February’s market tumble.
Lee has, in the past, correctly identified some of Bitcoin’s major price movements – most recently, the strategist identified Bitcoin’s one-day plunge to $10,400 USD on December 22nd of 2017.
In a recent interview, Lee further made predictions on three other cryptocurrencies Chiefly, Lee predicts that Ethereum would reach values north of $1900 USD by the end of 2018.
Similarly, the strategist expects to see Ethereum Classic climb by some 90% to touch values above $60 USD, while he similarly believes NEO could climb to $225 USD by the close of 2018.