A cryptocurrency analyst at Fundstrat Global Advisors, the Blockchain Week York could cause a soaring in the Bitcoin price.
Speaking on CNBC’s ‘Fast Money,’ Robert Sluymer, managing director and technical strategist at Fundstrat Global Advisors, said:
“The regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery.”
Looking back, the price of Bitcoin reached unprecedented heights of nearly $ 20,000 at the end of 2017, but the first three months of 2018 was catastrophic with the price to fall at $ 6,200 in February. Since then, a small rally has happened and at press time Bitcoin is trading at $ 8,476 according to CoinMarketCap. This is a slight drop from its more than $ 9,000 value in recent days.
Sluymer, however, believes that this is not the end and that Bitcoin “continues higher from here.” He also believes that the Blockchain Week New York will bring a bull rally for the Bitcoin’s value.
Tom Lee, the co-founder of Fundstrat has also added a bullish projection on Bitcoin’s price during the Consensus conference, which takes place between the 14thy and 17th of May. Additionally, some days ago, MarketWatch reported that Lee stated that the cryptocurrency could rise as much as 70 percent as a result of Consensus.
Lee said of the event:
“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.”
According to him, previous rallies from Consensus have experienced price gain between 10 percent and 70 percent. As the report states, this implies that Bitcoin could see a price increase of more than $ 15,000.
Even if for Sluymer the cryptocurrency bear trend is over, it remains to be seen what impact, if any, the conferences will have on Bitcoin’s price. On Friday, a report from Fundstrat suggested that Bitcoin’s price could increase as high as $ 64,000 by 2019.