According to speculation from Fundstrat’s Tom Lee, bitcoin prices will hit $91,000 by March 2020, establishing his claims on a chart that indicates Bitcoin’s productivity following market declines.
Lee and Fundstrat based the anticipated figure for 202 by using the average of the percentage acquired at price following each decline.
According to the Forbes piece, given that the chart is established on a logarithmic scale instead of the traditional linear-based graph, bitcoin’s price instability is not well defined.
This is not the first time Lee is making such predictions. The trend has been going one since bitcoin prices hit the $3,000 level. Lee had earlier made a prediction in July 2017 stating bitcoin would reach $55,000 by 2022. Earlier in January this year, he also speculated that by the end of 2018, bitcoin would reach $25,000.
In March, Lee and Fundstrat announced the “Bitcoin Misery Index” which is commonly referred as a “contrarian index” that permits traders to determine how “miserable” bitcoin owners are at the current price.