Analysts predicted a sharp rise in Bitcoin in May

The value of bitcoin and other digital currencies will rise sharply during and after the Consensus 2018 cryptocurrency conference, which will be held from May 14 to 16 in the United States. The reason for the growth will be the very fact of its holding, says one of the main cryptocurrency analysts, co-founder of Fundstrat Global Advisors Tom Lee.

“We expect the rally during Consensus to be even bigger than in years past,” Lee wrote in a letter to clients.

Details

• In 2017, 2,750 people took part in the conference, this time more than 7,000 people are expected, the analyst noted. The event itself is taking place for the fourth year in a row, and last time, when the number of attendees doubled, the price of bitcoin rose by 69% during the conference itself and by 138% in the next two months.
• Lee specifically clarified that the regulatory discussions of Bitcoin and other cryptocurrencies are “unlikely” to interfere with growth: “We expect Bitcoin and other cryptocurrencies to behave and grow similarly to previous years during the Consensus.”
• Another piece of good news can contribute to the growth of cryptocurrencies - the New York Stock Exchange wants to attract large investors to the crypt: the company that owns the exchange, ICE, is going to open a separate online platform where funds could trade digital currency - that is, in fact, their own crypto exchange. Until now, American exchanges have been limited only to futures on the price of bitcoin and index funds - so far no one is working with cryptocurrency as such. Trading on the NYSE can be organized on the basis of swap contracts, which means that it will automatically fall under the regulation of the US Securities Commission and will be completely legal.
• Nevertheless, cryptocurrencies have enough critics, including among famous investors and billionaires. So, Bill Gates recently said that “investing in bitcoin is the theory of the “greater fool” in its purest form”, and Warren Buffett called bitcoin “rat poison squared”. In addition, analysts at the British bank Barclays compared the growth of bitcoin with the spread of a viral disease and came to a disappointing conclusion: the peak of the spread of the “infection” has passed, there will be no more growth.
• As of the middle of the day on May 8, the bitcoin rate is $9.2 thousand. During the December peaks, it was $20,000.

Artem Gubenko