Tom Li used retracement bitcoin to buy cryptocurrency

A former strategist at JPMorgan Chase and founder of Fundstrat's Tom Lee said he took advantage of the pullback to buy bitcoin cryptocurrency.

It also raised its forecast for BTC from $11 500 to $20 thousand of mid-2018.

"We are buyers of bitcoin in this pullback. Last month inner/fundamental value of bitcoin has increased, thanks to the growth of new wallets and, therefore, explains the growth of our short-term forecast of the prices...
We have revised our forecast of mid-2018, to reflect the surge of activity in recent months – customer base increased. Going forward, our forecast is that wallets (unique IP addresses) will grow to 50% by mid-2018, and the activity of the user by 10% from current levels," reads the new report If.Tom Lee for the second time raised its forecast for the Bitcoin price for next year. In August, he gave a figure of $6000, in November raised its forecast to $11 500, and now – up to $20 000.

Even with Friday's drop, this year the price of Bitcoin rose more than 1500%.

"Bitcoin seems to have a parabolic / speculative surge is unhealthy. But we are not surprised to see the sale of bitcoin – growth in recent weeks, partly due to the increased purses, also fueled the speculation," – said Lee.
From a technical point of view, Lee believes that the $11 000 becomes a support area for the price of bitcoin. The following levels are $10 311, $7918, and even $7000.

By 2022, according to estimates, bitcoin price will reach $100 thousand.
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