Bitcoin rally fails to materialize after NYC conferences

In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus. Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.

In a note to clients published ahead of this year’s event, Fudstrat predicted a bump “likely greater” than in previous years “given dramatic jump in attendance plus the fact BTC is down YTD.”

Instead, prices stayed in the low $8,000 range throughout the week, according to CoinDesk. Bitcoin hit a high of $8,835 last week before blockchain enthusiasts flocked to New York. The cryptocurrency has dropped more than 40 percent this year.

Bitcoin’s one-week performance

Source: CoinDesk

“While there was not a Consensus bump, our conviction on crypto-currencies strengthened during the conference,” said Fundstrat co-founder Tom Lee, who is the only major Wall Street strategist to cover bitcoin.

This year’s Consensus conference drew in more than 8,500 attendees, according to Barry Silbert, CEO and founder of parent company Digital Currency Group. That’s more than triple the 2,700 attendees CoinDesk reported for the May 2017 conference. At roughly $2,000 a ticket, the conference raked in at least $17 million in ticket sales alone.

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