Tom Lee: Bitcoin will be $11.5k by mid 2018

New forecast from the Fundstrat Global Advisors co-founder
23 November 2017   839

Thomas Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, has significantly improved his price forecast for bitcoin. Now analyst from Wall Street is confident that by mid-2018, the price of BTC will grow to $ 11.5 thousand, although in August he spoke only about the mark of $ 6000. This is reported by CNBC.

So, a few weeks ago Lee's forecast was relatively neutral - then bitcoin stopped around $ 7400. The analyst noted that the crypto currency hold "too many weak hands", because of which there was a probability of a sharp drop "from the slightest turbulence". As a result, he designated $ 5,500 as the level at which you should buy bitcoin. Recently, the BTC really dropped to $ 5,600, which, according to Lee, cleared the market of uncertain players.

A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value," Lee wrote in the report. "Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels.

Thomas Lee

Managing Partner and Head of Research, Fundstrat Global Advisors

As a result, the financier increased his forecast for the middle of 2018 from $ 6000 to $ 11.5 thousand - almost 40% higher than the current BTC rate. In addition, Lee is optimistic about the future appearance of bitcoin futures. Like many others, Fundstrat analyst is confident that transactions with derivative instruments based on crypto currency will strengthen confidence in bitcoin and contribute to the growth of the number of potential users.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   117

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.