Lee and Fundstrat used an average of the percentage gained in price after each dip to arrive at the 2020 figure.
Fundstrat’s Tom Lee has forecasted that Bitcoin’s price will reach $91,000 by March 2020, basing his prediction on a chart that shows Bitcoin’s (BTC) performances after past market dips, Forbes reported March 17.
The Forbes piece notes that because the chart is based on a logarithmic scale as opposed to the traditional linear-based graph, BTC’s highs and lows are not as distinct.
Lee has been predicting high prices for BTC since its price was below $3,000. In July 2017 Lee had already stated that Bitcoin would hit $55,000 by 2022. More recently, in January of this year, Lee said that BTC would hit $25,000 by the end of 2018.
Lee and Fundstrat also recently released the “Bitcoin Misery Index” in early March, which is described as a “contrarian index’ that lets investors know how “miserable” BTC holders are at the current price.