One of Wall Street's biggest bears just doubled his bitcoin forecast to $11,500

[bbc.reporter]

I reckon this is the news everyone in this forum wants to hear? Hehehe.

But I still disagree with his affirmation, and whoever else, that a futures market for bitcoin will increase the cryptocurrency's legitimacy, thereby expanding its potential user base. I reckon it will only encourage gambling on bitcoin and other cryptocoin derivatives by Wall Street.



Tom Lee, the managing partner and head of research at Fundstrat Global Advisors, has almost doubled his forecast for bitcoin. He now expects the scorching-hot cryptocurrency to hit $11,500 by mid-2018, up from his previous estimate of $6,000 released in August.

The adjustment comes just a few weeks after Lee turned neutral on bitcoin, when it was hovering around the $7,400 level. At the time, he felt that there were simply too many "weak hands" holding the cryptocurrency with low conviction, leaving it susceptible to a sharp drop at the first sign of turbulence. In his mind, the appropriate level to start loading up on more bitcoin was around $5,500.

And sure enough, bitcoin fell last week to $5,600, which Lee says wiped out those fickle holdings and allowed him to resume his bullish view.

Looking beyond bitcoin, Lee is one of the most bearish analysts on Wall Street when it comes to the stock market. He sees the benchmark S&P 500 ending 2017 at 2,475, which puts him in the bottom quartile of strategists surveyed by Bloomberg. The average price target is 2,524.

Read this article in full http://www.businessinsider.com/bitcoin-price-wall-street-tom-lee-forecast-2017-11

[shursight]

I fully agree with this one, it is obviously that they only want to make quick profit from this, they are not looking for a long term, they all want to make bitcoin look like a real gambling interest, that is why i am so afraid of those people adding bitcoin to their futures exchange.

I reckon it will only encourage gambling on bitcoin and other cryptocoin derivatives by Wall Street.

Why does he thinks that it will only be $11,500 by the middle of 2018? it is not possible at the way that bitcoin is rising nowadays, it can easily touch that mark before February at least.

He now expects the scorching-hot cryptocurrency to hit $11,500 by mid-2018, up from his previous estimate of $6,000 released in August.

[starblocks]

That's quite a forecast but not entirely out of the ballpark

If it keeps gaining more and more popularity on wall street the price could easily get there

[pooya87]

I reckon this is the news everyone in this forum wants to hear? Hehehe.

haha, everyone loves it when you talk about price rise but they hate it when you talk about "bubbles", "dumps", ... mainly because most of the talks and quotes are wrong and with some hidden agenda not real discussions and reasons. that's just my opinion though...

But I still disagree with his affirmation, and whoever else, that a futures market for bitcoin will increase the cryptocurrency's legitimacy, thereby expanding its potential user base. I reckon it will only encourage gambling on bitcoin and other cryptocoin derivatives by Wall Street.

in my opinion things like these futures markets will increase the bitcoin's legitimacy this way:
so far the media was calling bitcoin dumb, fraud, ponzi, ... and big players like Warren Buffet warned about bitcoin.
now a big American financial market company, which is regulated and has $69.3 billion wroth of total assets is adding a bitcoin market. something that only existed on nonregulated, even shady exchanges like bitfinex is not also exists on CME. that has to change the public view, don't you think?

[DaMut]

when we are talking about them who is well known due to his 'negativity' it will not surprising to hear a fud from him,
if we are talking to them who is well known due to his 'positivity' we will hear about a good thing no matter what.
it's all about their perspective and their speculation,
but for crypto enthusiast it's not something that we want to hear from them,
to be honest in my opinion Bitcoin can not be meassured by technical and fundamental analysis because it's unpredictable,
also from this statement we can see that he has 0 knowledge and just saying what he want to say :

he felt that there were simply too many "weak hands" holding the cryptocurrency with low conviction

and he was saying this :

In his mind, the appropriate level to start loading up on more bitcoin was around $5,500.

And sure enough, bitcoin fell last week to $5,600

do not tell me he know about the future ? but he claimed it after the drop 
what a good observer

[KwizatzHaderach]

Seems a good forecast. With the current environment and enthusiasm of people around Bitcoin.
My only concern is with the still on going talks on the segwit2x. My opinion is that Bitcoin have to improve somewhat to reduce the fees as it is serving as a barrier to mainstream adoption.

[rjbtc2017]

Wow, Great Article and Chart. I agree on what you said, This Forum needs this kind of news and this is not just another trash " i speculate because i am an investor and i am a business person with a long experience " news article. Tom Lee provided with a great speculation based on facts which is better than other businessman-investor speculation.

Even though I liked his speculation and also the Fundstrat model and chart , I disagree on his statement:"increase the cryptocurrency's legitimacy"
It's already legit, the only thing that making Bitcoin illegal is the Government and Big Business person who want to profit from manipulating Bitcoin Prices.

Although, I agree what he said "that the use of futures could further concentrate mining power", Yup, the potential of opening Bitcoin to big number of people will also increase the transactions which would open an opportunity to create more mining farms. However, I am still unsure on what will be the rate of the transaction fees if Bitcoin futures will be successfully executed.

[Wilhelm]

This is a conservative but realistic estimate....

And who has a problem with Wall-street gamblers

[Rahar02]

The point in this article is; He now expects the scorching-hot cryptocurrency to hit $11,500 by mid-2018, up from his previous estimate of $6,000 released in August.
Tom Lee can't predict it well, so he changed his prediction since bitcoin has reached $6000 last month.
But crypto enthusiast expecting more than $11,5K by mid-2018, as bitcoin could rise over $1000 within 1-2 months recently.
Without any obstacle and the demand keep growing, acceptance and adoption in some countries, bitcoin may reach $15,000 or at least$14,000 by mid-2018. But, who knows? Only time will tell the truth.

[bbc.reporter]

I reckon this is the news everyone in this forum wants to hear? Hehehe.

haha, everyone loves it when you talk about price rise but they hate it when you talk about "bubbles", "dumps", ... mainly because most of the talks and quotes are wrong and with some hidden agenda not real discussions and reasons. that's just my opinion though...

But I still disagree with his affirmation, and whoever else, that a futures market for bitcoin will increase the cryptocurrency's legitimacy, thereby expanding its potential user base. I reckon it will only encourage gambling on bitcoin and other cryptocoin derivatives by Wall Street.

in my opinion things like these futures markets will increase the bitcoin's legitimacy this way:
so far the media was calling bitcoin dumb, fraud, ponzi, ... and big players like Warren Buffet warned about bitcoin.
now a big American financial market company, which is regulated and has $69.3 billion wroth of total assets is adding a bitcoin market. something that only existed on nonregulated, even shady exchanges like bitfinex is not also exists on CME. that has to change the public view, don't you think?

Of course it will change the public view, but with that, it will also encourage speculative gambling on bitcoin and other cryptocoins because they are now regulated.

Bitcoin is ok, but try to remember when you were a newbie and what you thought about some of the cryptocoins that transpired to be scams.

[Beerwizzard]

Of course it will change the public view, but with that, it will also encourage speculative gambling on bitcoin and other cryptocoins because they are now regulated.

Bitcoin is ok, but try to remember when you were a newbie and what you thought about some of the cryptocoins that transpired to be scams.

The "speculative gambling" is more encourage at the current point when BTC is only used as an asset and not a payment method (currency). That will be changed together with the public view but the changes will be positive.
There is nothing bad about regulation of  cryptos if it not becomes a robbery. It will help to state the rules of the game to predict the further actions.