Co-founder and head of research at Fundstrat Global Advisors, Thomas Lee has admitted that his forecast of the Bitcoin rally after the Consensus conference was wrong. Lee has claimed that the crypto market still “faces significant internal obstacles and hurdles in traditional financial institutions,” Bloomberg reported May 18
After accurately predicting the growth of the crypto market after US tax day in April, Tom Lee made another Bitcoin prediction on May 7, saying that cryptocurrency will rally during and after the Consensus conference took place in New York May 14-16. “We expect BTC and cryptocurrency to behave similarly to previous years and rally during Consensus,” Fundstrat founder reiterated earlier in the month.
In a report to his client Friday, Tom Lee explained his prediction was based on factors such as the crypto community that gathered together in “centralized place,” as well as “present growth.” These factors are expected to have a positive effect. at the price of cryptocurrency and “strengthening the crypto-community beliefs.”
In its May 18 tweet, Tom Lee confirmed the fact that the crypto market lost even 10 percent during the Consensus, although the conference counted 8,700 participants, which “more than tripled from attendance in the previous year.”