Fundstrat CEO Tom Lee, a prominent Bitcoin advocate, is known for his bullish approach to Bitcoin’s price. Despite the drastic downturn in the market, Lee still believes Bitcoin will be hitting a high figure by the end of the year.
Speaking with CNBC, Lee claims that the cryptocurrency will be able to reach a figure of $15,000 USD. In August of this year, Lee advocated that Bitcoin would be looking at a value of $25,000 USD. Although Lee is still claiming that Bitcoin will be ranging high, he has brought his figure down by a significant portion.
When Bitcoin was showing signs of non-volatility at the beginning of the month, Lee also claimed that the bottom of the cryptocurrency’s price would be at $6,000 USD. Since then, Bitcoin plummetted to figures of less than $5,400 USD – the lowest that the token has seen this year.
Although Lee is confident that Bitcoin will be able to recover from the dramatic decline following last week’s market crash, he also has noted that the psychology behind the markets is important and that anything below a certain point – that is $6,000 USD – will spark a “renewed wave of pessimism“.
Like other figureheads in the cryptocurrency market, Lee is blaming the decline on “crypto-specific events” such as the hardfork which Bitcoin Cash recently underwent – something which has been stirring the market since the controversy of the split.
At the time of press, Bitcoin is trading for $5,601.29 USD – which is a 0.99% increase in day-on-day trading figures.