The rising popularity of bitcoin in recent days does not seem to be subsiding. According to Tom Lee, CEO of Fundstrat, Bitcoin could boost its bullish behavior thanks to the annual “Consensus Summit” conference.
According to an article published by Bloomberg, an analysis conducted by the firm concluded that after each conference, confidence in the crypto market increases considerably.
The NY Consensus Summit is an initiative of particular importance to the world of crypto money and blockchain technology companies. But beyond that, the event has made a name for itself, going from 400 attendants in 2015 to more than 4000 expected this year.
After last year’s conference, not only did bitcoin prices increase drastically, but several startups and ICOs also gained a lot of exposure, significantly increasing their market share.
Tom Lee expects this behavior to be repeated this year. A slightly brighter picture of blockchain technologies and more significant public exposure to the world of cryptos set the grounds to such optimistic forecasts.
But it is not only Mr. Lee who has high expectations for such an event. Its organizers; the Coindesk team, have raised the bar to new heights: tickets are valued at between $1499 and $2999 USD and the advertising revenue – already collected in full – far exceeds that of last year. On their website the Coindesk team is quite optimistic about what they have to offer:
“Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.”
The NY Consensus Summit brings together the most important personalities from the world of Fintech and blockchain in general, which opens up a range of possibilities for strategic alliances to generate value in new projects while increasing the number of users who benefit from blockchain technologies.
Tom Lee has been one of the analysts whose forecasts have remained bullish even in the most complex moments. He developed his own indicator to measure the current sentiment of bitcoin hodlers at a given time, recommending his clients to buy bitcoin at the lowest points even though there was no clear indicator of a reversal of the bearish trend in the short term.
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Also, as a frequent guest on CNBC’s analysis, Mr. Lee’s prestige as an analyst has grown to become a leading figure in the world of cryptocurrency. Tom Lee predicts that Bitcoin will hit at least 25k by the end of 2018.
Currently, Bitcoin managed to overcome the resistance of $9,000 USD and is struggling to break the 10k barrier. If Lee’s predictions are accurate, it is very likely that this barrier may become medium-term support, leading to a growing trend in 1-day candles.
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