Although it may start to look like a track played in a loop, Tom Lee from Fundstrat has not yet dismissed his $25,000 prediction regarding the Bitcoin (BTC). At the beginning of the year, Lee declared that Bitcoin (BTC) will be traded at $20,000 by mid-2018 just to end the year at $25,000.
Now, even though the mid-2018 is here alright and Bitcoin (BTC) is traded at $7,245 (-4.83 in the last 24 hours), thus, pretty much behind Lee’s $20,000 prediction for the mid-year, Tom Lee still refuses to change his mind regarding his $25,000 prediction for the end of the year.
According to him, it is very achievable for BTC to grow about 250% in the following 5-6 months to reach $25,000 by the end of 2018. However, even though Bitcoin (BTC) did it once, this year’s cryptocurrencies market is different and, as we speak, it follows a sort of a long-lasting downtrend.
Bitcoin (BTC) to be trading at $25,000 by the end of 2018, predicts Tom Lee
In a recent interview Tom Lee had on Bloomberg, he showed himself very comfy and confident with its predictions, despite the fact that he has already mistaken half of the forecast, as BTC hasn’t reached $20,000 in mid-2018 and is quite impossible for it to grow so much in only a month or two.
Based on what did Lee say, the cryptocurrencies count is supposed to surpass its former all-time high. The Fundstrat’s market analysts pointed to the rise of increased exposure in institutional work. In the last few months, businesses both within and beyond the mainstream cryptocurrency environment have released products and services targeted to big institutional investors. He gave Nasdaq and Goldman Sachs as examples.
Additionally, he also thinks that well-established cryptocurrency regulations, such as those in Japan, will, in fact, help the cryptocurrencies market on the long-term, especially the Bitcoin (BTC).
Tom Lee is completely sure the Bitcoin (BTC) will be trading at $25,000 by the end of 2018 also because Bitcoin mining will become costly, reaching around 13,000 by the end of the year, therefore the cryptocurrency has to be twice as valuable.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.