Published On: Thu, Nov 23rd, 2017

Thomas Lee Bullish on Bitcoin Reaching $11,500

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Thomas Lee, who heads research at Fundstrat, is doubling his previous price target for Bitcoin, believing that the cryptocurrency will reach $11,500 in mid-2018.
It’s been a wild ride for Bitcoin in 2017. When the year started, the cryptocurrency was worth $800, but the value of Bitcoin has exploded since then as it currently sells for $8221. Many individuals are quite bullish on Bitcoin and expect that it will continue to rise in value. Hedge fund manager Mike Novogratz recently said that Bitcoin will reach $10,000 by the end of the year. Now Thomas Lee, head of research at Fundstrat, says that Bitcoin will go even higher in 2018.

Bulls on Parade
Just a few days after Mike Novogratz made his Bitcoin prediction, Thomas Lee told his clients that Bitcoin will reach $11,500 by the middle of 2018. This is a significant 40% increase from Bitcoin’s current price, and this estimate doubles Lee’s previous price target.
Lee had issued a warning in early November that the Bitcoin surge from $3,500 to $7,000 would likely cause a short-term pullback. In his most recent note to clients, Thomas Lee said that “The November slump cleaned up weak hands,” and that “We no longer feel …

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