Investors in bitcoin are about to see a turn around in their fortunes. That’s the prediction of analysts at one research firm who claim the value of the cryptocurrency will reach $91,000 by March 2020.
Bitcoin has seen its value more than half since hitting a high of almost $20,000 in December. On Sunday, one bitcoin cost investors $7,366. Now, the researchers at New York-based Fundstrat Global Advisors believe they have mapped out the short and long-term trends of the digital currency, including mining costs, trading trends and other technical analysis.
Published by Forbes, the statistics-based graphic compiled by the company’s Head of Research, Tom Lee, shows the currency’s history of dramatic rises following dramatic falls in value. Lee also developed the Bitcoin Misery Index (BMI), a contrarian indicator, meaning the lower it is on the scale, the greater the likelihood of bitcoin will moving up in price. The cryptocurrency is currently at the second lowest point of the past eight years.
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