A respected financial market advisor with forty years’ experience has created yet another panic by hastily concluding that new Bitcoin (BTC) lows are to be expected.
Tyler Jenk, President of Lucid Investment, who has not commented on market situations since Bitcoin (BTC) broke up through the $4,000-4,200 resistance zone, believes the digital asset will return back to its previous zone. However, he opined that Bitcoin will not stay in that level for long.
He said: “I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of $1,000 unchanged.”
Tyler, who doubles as the host of Hyperwave Web Series, is devoted for analyzing Bitcoin and Cryptocurrencies and among the few who believe in the prospects of Bitcoin.
Read: Until Bitcoin Price Crosses $6200 And Stays For 2 Days, Buying This Bounce Is Dangerous
He has overseen billions of dollars for individual clients, Hedge Funds, Pension Funds and Institutional Investors. His Lucid Investment Strategies LLC utilizes its proprietary investment processes that has been in use for over 35 institutional clients and more than 500 retirement accounts.
Fair Market Price for Bitcoin is $14,800
Cryptocurrency Bull Tom Lee, who believes the price of Bitcoin could skyrocket in 2019, has aired that Bitcoin is undervalued at the moment, pointing that the fair market value of BTC is between $13,800 to $14,800.
The cryptocurrency analyst and founder Fundstrat considered the high number of active Bitcoin wallet, supply metrics and usage per account before submitting.
Tom Lee said the current price of Bitcoin implies cryptocurrency wallets should reduce from 50 million to 17 million. He, however, said the future increase in the price of Bitcoin would be determined by increasing adoption of BTC as an asset class.
According to him, if Bitcoin wallet touches just 7% of Visa’s 4.5 billion account holders, it price would skyrocket to $150,000.