Fundstrat raises its mid-2018 price target for bitcoin to $11,500 from $6,000, representing nearly 40 percent upside to its current level. "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," strategist Tom Lee writes.
After turning cautious on bitcoin earlier this month, Fundstrat's Tom Lee told clients Wednesday to jump back into the digital 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.
Lees het hele artikel van Tae Kim op CNBC hier.
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