After becoming cautious towards investing in bitcoin earlier in the month of November, Fundstrat’s Tom Lee stated that it may be the time to jump back in to the currency. “A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value,” Lee wrote in the report. “Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels.”
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After this report came out, the analyst raised his mid-2018 price target to upwards of $11,000 from his earlier prediction of $6,000. This represents an over 40% upside potential to the current level that the currency is at. As of Wednesday, the currency was sitting 1.3% above an all-time high of $8,000 hit on Sunday, November 19th. The currency is still up a staggering 700% for the year of 2017 thus far. Wall Street banks are not ignoring the fact that the currency has gone up in price, but rather they are looking into how they can use the currency.
Despite comments from the CEO of JPMorgan Chase, Jamie Dimon, who earlier in the year stated that the currency was a fraud and a bubble, the coin is managing to continue to increase. The bank is looking at how viable trading bitcoin futures may be for their business. The annulment of the futures led to another price increase earlier in the year, and only seems to be increasing the pricing. The hopes are high that bitcoin can continue on this meteoric rise to fame as it smashes price barriers and new highs regularly.