Tom Lee predicts that the price of Bitcoin will reach 25,000 levels in the future
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Answer Tom Lee predicts that the price of Bitcoin will reach 25,000 levels in the future
Tom Lee, a well-known Bitcoin supporter and head of Fundstrat Global Advisors, has stated that $25,000 is the value of Bitcoin, but the timing of this could be “difficult” or a little late.
He has previously pulled out of the Bitcoin price prediction game – but has indicated that he will “stop providing any time frame for achieving the fair value of Bitcoin,” which he has stuck to as he does not give any time frame for that prediction.
Speaking to Fox Business, he commented on his initial forecast that the price would reach $25,000 by the end of 2018: “It’s a huge disappointment, not predictable in terms of price or calendar. Last year was a tough year in the cryptocurrency world […] We believed that Bitcoin would survive in price. But it doesn’t. Like the rest of the currencies, I was affected in the bear market.”
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When asked if he wished he hadn’t made this prediction in the first place, he explained to me: “Oddly enough, I think this is a good and fair value for Bitcoin, but the timing of that is going to be tough. […] Or not; Bitcoin has had a 70% drop already four times in its 10-year history and the price has bounced back to all-time highs. For me, it’s a flexible currency. It has become a popular currency especially by millennials and outside of the US there is interest in the digital currency and the storage of digital assets with a value that is not traditional money.”
However, it does not make any predictions about when this will happen or when the bear market will end.
In a note to clients, dated December 13, Lee wrote: “We are tired of people asking us about our target prices, due to the associated volatility in cryptocurrencies, we will stop offering any timeframes for achieving fair value and since then, he has remained quiet about the price – Until now.
He had previously started by saying that Bitcoin could rise to $20,000 by the middle of the year and even reach $25,000 by the end of December. Later, it revised that year-end forecast and pulled it into a $22,000-$20,000 range. Then in November, when bitcoin was trading at around $5,500, Lee was sure the price would triple in the month and the rest. None of that has happened, but he – like much of the crypto community – remains bullish.
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