[2018-05-08] Bitcoin to Rally on Consensus Conference, Fundstrat Analyst Says

[ivanpoldark]

Bitcoin is relatively cheap ahead of a major cryptocurrency conference in New York next week, setting the stage for a rally, according to researchers led by Tom Lee of Fundstrat Global Advisors.

“We expect the Consensus rally to be even larger than past years,” the head of research said in a note to clients, referring to the Manhattan conference gathering for its fourth year. The event may draw more than 7,000 people, a surge from roughly 2,750 a year ago, Lee said. Last time, when new attendance doubled, Bitcoin rose 69 percent during the conference and 138 percent in the two months afterward, he said.

Bitcoin slipped 3.4 percent since 5 p.m. Friday to $9,350 at 6:10 p.m. in New York, according to a composite of prices compiled by Bloomberg. It’s now 52 percent below the high of $19,511 reached on Dec. 18.

As a caveat, Lee said talk of regulations for Bitcoin and other cryptocurrencies could damp enthusiasm -- a scenario he views as unlikely. “Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,” he wrote.

https://www.bloomberg.com/news/articles/2018-05-07/bitcoin-to-rally-on-consensus-conference-fundstrat-analyst-says

[slaman29]

I don't really understand the reasons behind this prediction. I mean, rallies are always about talking up and hyping up something, so why would a rally cause Bitcoin's price to rise? I mean, I know Consensus is a big thing, but they aren't actually in control of anything, now if there was going to be a rally for whales and they all announced that they would be buying up more Bitcoin, then maybe we might see others buy up also.

[1Referee]

I don't really understand the reasons behind this prediction.

Empty speculation. It also points out how many individuals here still haven't got rid of their niche mentality.

now if there was going to be a rally for whales and they all announced that they would be buying up more Bitcoin, then maybe we might see others buy up also.

Whales don't talk, they just act and remain silent. It's always the losers around it trying to spread the hype all hoping that the average person picks up on it and starts buying like there is no tomorrow.

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The main point is that nearly everyone here keeps focusing on potential bull runs based on whatever events, while we don't actually need any of these events to see the price increase. We are going up year after year anyway, so it doesn't change anything long term speaking, just look at the bottom development. Bottom to bottom increases are gradual, while everything above that is strictly speculation and hype, and mostly unsustainable.

[bbc.reporter]

@slaman29. That is a very easy prediction to make. Last year during Consensus 2018, bitcoin went up, and some of the other cryptocoins were pumped by 10x or more. That analyst might be hoping the same will happen during this year's Consensus hehehe.

I reckon it will not pump as crazy as it did last year.