Bitcoin price (BTC) plummeted sharply in the last two days following Bill Gates and Warren Buffett’s criticism regarding the cryptocurrency markets. The largest coin traded at around the $9,000 level early today, down almost $1,000 from Sunday’s high of $9,900. Altcoins fell at a high mid-single-digit rate in the last two days, pulling the total cryptocurrency market capitalization to the lowest level in the last week. Despite this, another Tom Lee prediction has surfaced.
Bears are on top of the market as business icons have called cryptocurrency markets a “greater fool theory“. However, Tom Lee, managing partner at Fundstrat Global Advisors, predicts bitcoin price to rally 70% next week.
The cryptocurrency market expert based his claim entirely on the upcoming New York Consensus Summit beginning May 14.
Almost 7,000 blockchain and Bitcoin enthusiasts will take part in the conference. Tom Lee believes that these passionate players will optimize trader’s sentiments leading Bitcoin price to generate substantial gains.
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years,” Tom Lee says.
Is this Tom Lee Prediction a Fairy Tale?
It will be quite tricky for bulls to create and sustain any rally that is based on speculations and bullish calls. Warren Buffett and Bill Gates have already criticized cryptocurrency markets on these types of predictions and artificial price hikes.
Bitcoin and the entire cryptocurrency market need structural support to push prices higher instead of speculations.
Market pundits are also raising questions on the topic of regulatory roles in cryptocurrency markets during the Consensus Conference summit – which they believe will have a negative impact on Bitcoin price.
Tom Lee, however, believes that commentary surrounding regulation won’t hinder the rally saying: “While regulation is sure to be a topic of conversation, [I] don’t expect this to hinder, the impending rally.”
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