It is difficult to accurately predict how the asset will be worth in a week, not to mention what will happen in a month or a year. To admit a mistake is also not easy. Tom Lee, principal investigator of the company Fundstrat Global Advisors, openly admitted that his recent bitcoin forecast didn’t work out, that deserves respect.

On 7 may, he predicted that after the conference, the Consensus 2018 will begin a significant growth of bitcoin prices (bitcoin rally). Conference on blockchain and cryptocurrency took place this week in new York city in Manhattan and attracted thousands of enthusiasts.

However, the rally bitcoin has not happened. In his report to the customers If admitted that during the week of bitcoin has experienced a decline of 10%. He wrote:

Such conferences as Consensus, represent an opportunity for the community to gather in a Central location and meet with new members of a growing community. Naturally, such a combination of “common sense”, when progress moves forward, and “new interest”, when the audience grows, should strengthen the confidence of the crypto community. All of this also would contribute to higher prices.

What went wrong? Lee says that the cryptocurrency industry still needs greater clarity from the regulators such as the Commission on securities and exchange Commission (SEC), as well as a greater recognition of traditional cryptocurrency companies.

He notes:

Cryptocurrency continues to face significant internal resistance and obstacles from conventional financial institutions. It is encouraging that a significant proportion of new participants [Consensus] are financial institutions.

The company Fundstrat still hopes that by the end of this year bitcoin will rise to $25 000.

See also: Objectivity is paramount, or Whose predictions of bitcoin prices you can trust