Bitcoin to hit $11,500 by mid-2018, Tom Lee says



Bloomberg
TV


  • Tom Lee of Fundstrat has nearly doubled his forecast
    for bitcoin, calling for the cryptocurrency to hit $11,500 by
    mid-2018.
  • Lee says that a recent dip in bitcoin’s price wiped out
    weak, low-conviction holdings, clearing the path for further
    gains.

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
his mind,…


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