Bitcoin will hit $91k by 2020
Analyst predicts Bitcoin will hit $91k by 2020
Bitcoin has seen its value more than half since hitting a high of almost $19,900 in December. On Sunday, one bitcoin cost investors $7,366. Now, the researchers at New York-based Fundstrat Global Advisors believe they have mapped out the short and long-term trends of the digital currency, including mining costs fees, trading trends and other technical analysis.
Published by Forbes, the statistics-based graphic compiled by the company’s Head of Research, Tom Lee, shows the currency’s history of dramatic rises following dramatic falls in value. Lee also developed the Bitcoin Misery Index (BMI), a contrarian indicator, meaning the lower it is on the scale, the greater the likelihood of bitcoin will moving up in price. The cryptocurrency is currently at the second lowest point of the past eight years.