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Stocks rose again Monday, led by gains in retailers and smaller companies after a report showed that service-sector companies — where most Americans work — had strong December orders. Investors were also encouraged by the resumption of trade talks between the United States and China.
Stocks snapped higher in the first minutes of trading on Wall Street on Monday, the last day of a volatile year, as hopes grew for progress in resolving the trade war between the United States and China.
Big-name technology companies and retailers, which have been badly bruised in the barrage of…
Stocks opened strongly higher on Wall Street on Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses.
Twitter jumped 4.6% and Mastercard gained 3.9% in the first minutes of trading, the biggest gainers as traders returned from the Christmas…
Bitcoin bull Thomas Lee continues to be confident in BTC, insisting that its current price is wrong and should actually be closer to the $ 15,000 mark. Along with a number of other bulls, Lee has made several overly hopeful predictions this year.
Fair Value Is Higher Than Current Price
Thomas Lee, the head of research at Fundstrat Global Advisors, is a major BTC bull. Due to the number of active wallet addresses, usage per account, and other factors, Lee has said BTC should be worth around $ 14,800, rather than the $ 3,200 at the time of writing. The executive said: “Fair value is significantly higher than the current price of bitcoin.”
“In fact, working backwards, to solve for the current price of bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently,” Bloomberg quoted him as saying.
Lee, who has been the most bullish of bulls this year, added that BCT’s price will continue to rise next year due to increasing user adoption and acceptance of it as an asset class. He also said that if bitcoin core wallets approach 7 percent of Visa’s 4.5 billion account holders, fair value will shoot up to $ 150,000.
It’s not the first time the financial expert has been bullish about bitcoin. Lee has said a number of times this year that BTC prices could hit up to $ 25,000. In November, the crypto bull said BTC would end the year at $ 15,000.
Bulls Will Be Bulls
Lee is not the only one who has made big claims during 2018. The year has been full of optimists who have predicted that BTC could surpass the dramatic heights it reached in December 2017. One bull who has tried to compete with Lee’s big predictions is Mike Novogratz.
The former Wall Street hedge fund manager who now heads cryptocurrency investment firm Galaxy Digital said in September he thought the cryptocurrency would pick up by 30 percent by the end of 2018 and that it was impossible for the coin not to reach over $ 10,000. This week the former Goldman Sachs partner – who has lost a fortune in crypto – has continued to maintain that he is undeterred by the recent drop.
One of crypto’s loudest voices, antivirus pioneer John McAfee, has been another perma-bull. McAfee said earlier this year that BTC would surpass $ 15,000 in June. It’s fair to say he was way off the mark.
And then there are long-term bulls, such as tech billionaire Tim Draper. The venture capitalist has at times been outlandish but said in September that by 2022, the cryptocurrency would be worth over $ 250,000 per coin. Only time will tell whether Draper is right.
What do you think about the recent bullish price predictions? Let us know in the comments section below.
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The post Bitcoin Bull Thomas Lee Claims Market Is Wrong and BTC Should Be Much Higher appeared first on Bitcoin News.
U.S. stocks couldn’t hang on to a big gain Wednesday, but they still finished broadly higher as technology and healthcare companies rose. That helped reverse some of the market’s big losses from last week.
Stocks initially rallied after the Wall Street Journal reported that China’s government could…
Stocks ended another bumpy day slightly higher as gains by big technology companies helped the market erase an early plunge, the AP reports. Facebook added 3.2% and Microsoft rose 2.6% Monday. Chipmaker Qualcomm rose 2.2% after a Chinese court banned some Apple phones as part of a…
Stocks finished solidly higher on Wall Street as investors welcomed news of a 90-day truce in the trade battle between the US and China, the AP reports. The broad rally Monday, which lost some of its early morning momentum, followed gains in overseas markets. The stand-down was agreed to over…
Stocks opened sharply higher on Wall Street on Monday, following gains in overseas markets after the United States and China agreed to a 90-day truce in their trade dispute.
The Dow Jones industrial average jumped more than 400 points in early trading following the cease-fire.
The initial agreement…
The leaders of the world’s two largest economies, Donald Trump and Xi Jinping, agreed to a temporary truce on trade Saturday at a highly anticipated dinner Saturday in Argentina.
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Major indexes ended mostly higher on Wall Street after wobbling between gains and losses throughout the day, the AP reports. Health care and consumer products companies did better than the rest of the market Tuesday. Johnson & Johnson rose 1.3% and Coca-Cola climbed 1%. Stocks that are more sensitive…