The relatively low price of bitcoin on the eve of the crypto-conference Consensus, which will be held in New York next week, is a favorable factor for further growth, analysts of Fundstrat Global Advisors Tom Lee believe. This is reported by Bloomberg.
We expect the Consensus rally to be even larger than past years.
It is expected that the event will be visited by over 7,000 people, while last year Consensus counted about 2,750 visitors, draws Lee's attention. Last time, when the number of visitors doubled, bitcoin grew by 69% during the conference itself and by 138% in the next 2 months.
The analyst does not expect that uncertainty in the regulation sphere and other negative factors can restrain the growth of bitcoin during the conference.
Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.
In the middle of March, usually optimistic Lee advised to prepare to continue the decline bitcoin, and at the end of April said that now it is preferable to invest in the original cryptocurrency, rather than in its fork of Bitcoin Cash.