Tom Lee of FundStrat: Bitcoin’s Recent Pullback Can Be Easily Explained

Tom Lee has made no secret of his bullishness for Bitcoin. Back in October, which admittedly seems like forever ago in the crypto space, he explained to Business Insider a technique which his company had been using to predict price changes over time. Based on Metcalfe’s law, Lee claims that he can use his equation to explain 94% of the price movement in Bitcoin:
If you build a very simple model valuing bitcoin as the square function number of users times the average transaction value. 94%