Bitcoin set to rally next week

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.

Now read: Bill Gates and Warren Buffett are Bitcoin’s latest critics

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Bitcoin set to rally next week