A well-known crypto proponent Tom Lee from Fundstrat Global Advisor sticks to bullish predictions, when it comes to Bitcoin. He already stated in July 2017, that the major cryptocurrency would rise to $55,000 by 2022. At the current moment he thinks, that it can hit $91,000 by March 2020 and ignored the bearish developments in the market, that sent Bitcoin and other digital assets to the lowest levels since early February of 2018.
To Lee bases his predictions on a vast database of numerous parameters, including historical quotes, cost of mining, short-term and long-term price trends.
A week ago Fundstrat introduced the Bitcoin Mystery Index, which dropped to the second lowest level of the past eight years. The lower the index is, the better the outlook for Bitcoin.
Lee and his colleagues carried out a research, which demonstrates that BTC price grew significantly each time after the decline of 70% or more. It is more than 50% lower from its peak reached in December 2017.
Currently, Bitcoin is trading at $8,200 with neutral short-term bias. Ethereum is at $546.00 with the downside bias. Ripple is rising towards $0.6700 per coin.