Analyst believes Bitcoin has what it takes to rise to $91,000 by March 2020.

Bitcoin price has been tumbling for weeks due to global announcements of ICO banning and regulations.  However according to Head of Research at Fundstrat Global Advisors, Tom Lee, believes Bitcoin has what it takes to rise to $91,000 by March 2020 on Forbes report. Lee expects the cryptocurrency to double in price by midyear supported by historical price trends and crypto related announcements.

For 2018 the researcher expects bitcoin should end the year at $25,000. Lee is basing his estimates on the fact that the underperformance is not something new, but something that has occurred, in six of the last seven years, from which the coin has ticked up higher afterward.

The firm has already compiled a database, statistics, and graphs to support the bullish thesis. According to Lee and his team, the cryptocurrency has always experienced significant gains after three major declines of more than 70%.

The team has also introduced a Bitcoin Misery Index which shows the cryptocurrency is at its lowest point of the past 8 years, which affirms belief it is due for a bounce back. While the RSI and MACD indicators show that bitcoin is in oversold territory, Lee maintains that the BMI index remains more useful in supporting their bounce back thesis.

Japanese Company e-commerce has already announced plans to launch its own cryptocurrency dubbed ‘Rakuten Coin’. According to Lee, such developments will go a long way in supporting bitcoin major recovery from current lows. "The announcement by Rakuten is another example of positive developments in crypto in 2018, suggesting the large sell-off in bitcoin and others at the start of the year was an overshoot to the downside”, said Mr. Lee.

Lee is among a clique of a small number of high profile analysts that have come out with a positive outlook for bitcoin. Warren Buffett has already warned that the embattled virtual currency could flame out and become worthless in the long run. Allianz’s head of Global Economics & Strategy has also raised similar concerns reiterating that the coin could end up at $0.