In previous years, bitcoin had recovered significantly around a blockchain conference in New York City called Consensus. Between May 22 and 24, when it was made last year, prices rose by 69 percent, Fundstrat said. Prices soared another 138 percent in the two months after the conference.
In a client note published before this year's event, Fudstrat predicted a "probably greater" slump than in previous years "given a dramatic jump in attendance plus the fact that BTC has gone down."
Instead, prices remained in the low range of $ 8,000 all week, according to CoinDesk. Bitcoin hit a high of $ 8,835 last week before blockchain enthusiasts arrived in New York. The cryptocurrency has fallen more than 40 percent this year.
One-week Bitcoin performance
"While there was no bump in the Consensus, our conviction about cryptocurrencies was strengthened during the conference, "said Fundstrat co-founder Tom Lee, who is the only major Wall Street strategist who covers Bitcoin.
This year's consensus conference attracted 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 that CoinDesk reported for the May 2017 conference. With approximately $ 2,000 per ticket, the conference raised at least $ 17 million in tickets alone.