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.<\/p>\n
\u201cWe expect the Consensus rally to be even larger than past years,\u201d 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.<\/p>\n
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\u2019s now 52 percent below the high of $19,511 reached on Dec. 18.<\/p>\n
As a caveat, Lee said talk of regulations for Bitcoin and other cryptocurrencies could damp enthusiasm — a scenario he views as unlikely. \u201cBottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,\u201d he wrote.<\/p>\n
Bitcoin is relatively cheap ahead of a major cryptocurrency conference in New York next week, setting the stage for a rally.<\/p>\n","protected":false},"author":341034,"featured_media":236282,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,50593,49073,48937],"class_list":["post-259169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-consensus","tag-fundstrat","tag-rally"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/259169"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=259169"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/259169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/236282"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=259169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=259169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=259169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}