316Bitcoin price is to fall till 17th of April due to $25 billion of the total tax debt of crypto investors and traders. This opinion was expressed by the founder of Fundstrat Global Advisors and financial...
Bitcoin price is to fall till 17th of April due to $25 billion of the total tax debt of crypto investors and traders. This opinion was expressed by the founder of Fundstrat Global Advisors and financial analyst Tom Lee.
April 17 is the deadline for submission of tax returns in the United States. According to law cryptocurrencies are taxed so large crypto-exchanges, whose total revenue in 2017 exceeds a trillion dollars, will begin to sell assets in BTC and ETH in order to pay taxes in dollars.
Tom Lee believes bitcoin price will recover end of April. The analyst gives a very optimistic forecast for the next year. After the recovery bitcoin price is to reach $20 000 mid 2018 and 2019 is to reach $25 000. ETH price is to reach $1500, and then even grow up to $1900.
Investors can be happy about the long term Lee forecast. According to calculations based on the dynamics of the exchange rate after past falls the main cryptocurrency will cost $ 91,000 by March 2020. Since the logarithmic scale was used for calculations the results of the study do not reflect the volatility of the cryptocurrency, which traders can use. Under a general positive trend the rapidly developing market expects many more falls.
Many players of the cryprocurrecny industry take Lee opinion into considerations. He has forecasted the growth of the bitcoin rate even by its price of $3000. In summer 2017 the analyst expressed opinion bitcoin will grow in price up to $55 000 till 2022.
Funstart has recently developed Bitcoin Misery Index showing how the mood of bitcoins owners depend from the current rate.
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Evan Mcbride
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