The price of bitcoin will continue its rally after a large-scale cryptocurrency conference in New York starts. Last year, this event helped bitcoin to jump up more than by a half.

Tom Lee, Wall Street analyst and co-founder of the analytical company Fundstrat Global Advisors, expects that bitcoin will resume sharp growth on 14 May, when Consensus 2018, a major cryptocurrency and blockchain conference in the world, opens its doors. Consensus will take place in New York from 14 till 16 May.

“Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,” Lee wrote.

The event is expected to be attended by about 7,000 guests. This is more than twice as much as last year. About 2,750 people visited the Consensus 2017, Lee recalled.

During last year's conference, bitcoin went up by 69% and grew by 138% within two months after the conference ended, the analyst estimated.

As of 8 May, bitcoin continues the bearish movement. During the day, the cryptocurrency fell by 3.4% and fell to $9,159.

Previously, Fundstrat published the results of the survey, according to which 82% of institutional investors believe that the bitcoin price has already reached the minimum level. 53% believe that by the end of the year the cryptocurrency will cost from $10,000 to $20,000. 41% believe that the rate will be from $20,000 to $30,000. Only 6% believe that the price of bitcoin will exceed $30,000 by the end of 2018.