Blockchain Week could see Bitcoin’s price soaring to new levels, according to Robert Sluymer a Fundstrat Global Advisors cryptocurrency analyst. Speaking to CNBC Sluymer who is the MD and technical strategist at Fundstrat Global Advisors highlighted that regulatory and fundamental risk surrounding what’s going on with digital currency in recent weeks had hit rock bottom insisting that we are in general recovery.
Unprecedented Gains For Bitcoin
By 2017’s end, Bitcoin’s price saw rose to unprecedented heights reaching an impressive 20,000 USD. However, in the first three months of this year, Bitcoin has recorded one of the worst Q1 of all digital currencies after falling to 6,200 USD in February. Since February, Bitcoin’s price has rallied gradually. As at the time of writing the digital currency is trading at 8,579 USD as reported by Coin Market Cap.
This appears to be a drop from the 9000 USD it recorded in recent days. However, this doesn’t stop Sluymer from airing his view regarding Bitcoin. He believes Bitcoin will grow higher in value from here. He thinks that Blockchain Week will ginger a decisive rally for Bitcoin’s value.
Co-founder of Fundstrat, Tom Lee, also gave a bullish projection regarding the price of Bitcoin in the Consensus conference. Earlier in the week, MarketWatch reportedly said Lee predicted the cryptocurrency to increase by 70% because of the Consensus conference.
According to Lee, the previous rallies from the Consensus conference have seen prices rise between 10% and 70%. According to the report, this means Bitcoin could see a price increase of more than 15,000 USD in coming weeks.
Even though Sluymer predicted that Bitcoin’s price would rally position due to the Blockchain Week New York, the viability of his statement remains to be seen. The impact that this conference will have on Bitcoin price (also the number one digital currency by market cap) hasn’t been seen. Yesterday, Fundstrat reported that the price of Bitcoin’s price could rally to 64,000 USD by 2019.