Tom Lee of Fundstrat has nearly doubled his forecast
for bitcoin, calling for the cryptocurrency to hit $11,500 by
Lee says that a recent dip in bitcoin’s price wiped out
weak, low-conviction holdings, clearing the path for further
Well that sure escalated quickly.
Tom Lee, the managing partner and head of research
at Fundstrat Global
Advisors, has almost doubled his forecast for bitcoin. He now expects
the scorching-hot cryptocurrency to hit $11,500 by mid-2018, up
from his previous estimate of $6,000 released in August.
The adjustment comes just a few weeks after Lee turned neutral on
bitcoin, when it was hovering around the $7,400 level. At the
time, he felt that there were simply too many “weak hands”
holding the cryptocurrency with low conviction, leaving it
susceptible to a sharp drop at the first sign of turbulence. In