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Strategist says failed
fork cleared room for coming surge
Call comes after Novogratz
sees coin at $10,000 by January
The bitcoin bulls are
charging.
A day after hedge fund
manager Mike Novogratz said the cryptocurrency
will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target
to $11,500 by the middle of 2018 -- a 40 percent gain from current levels.
Lee, who heads research at
Fundstrat, said a 10 percent pullback earlier this month triggered by the
controversial cancellation of
an upgrade to bitcoin’s underlying software has set the stage for the coming
surge.
The November slump
“cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost
doubled his last forecast.
The strategist had warned earlier
in the month that bitcoin’s rally to $7,000 from $3,500 raised the likelihood
for a short-term pullback.
“We no longer feel caution is warranted,” he said.
Bitcoin rose 1.2
percent to $8,230.12 as of 11:05 a.m. in New York, about $100 short of its
all-time high set Tuesday after Novogratz’s comments.
The most popular cryptocurrency
has surged more than sevenfold since December, surpassing $8,000 for the first
time this week.
The ride to records hasn’t
been straight up for the virtual asset, with three separate slumps of more than
25 percent all giving way to subsequent rallies this year.
“We recommend steady
buying of Bitcoin at these levels,” Lee said in the Wednesday report. Fundstrat
also boosted its price target for the Bitcoin Investment Trust,
an over-the-counter security that offers investors exposure to bitcoin.
Lee predicts it will trade at $1,300 by mid-2018, up from his prior target of
$800.
Source: Bloomborg
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